China’s factory activity expanded at its fastest pace in more than two years in October as a jump in domestic demand offset weak export orders, but companies continued to shed jobs, a private business survey showed on Tuesday.
The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) rose markedly to 51.2, beating analysts’ forecasts of 50.2 and much higher than September’s 50.1. The reading was the strongest since July 2014.
The index has now been above the 50-point neutral level which separates expansion in activity from contraction for four straight months, adding to growing views that the world’s second-largest economy is stabilising thanks to a government infrastructure spending spree and a housing boom.
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