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China Daily / 2023-11 / 01 / Page013

Oct manufacturing unexpectedly shrinks

By OUYANG SHIJIA | China Daily | Updated: 2023-11-01 00:00

However, recovery signs seen amid series of supportive policy measures

China's factory activity unexpectedly shrank in October after returning to expansionary territory the month before, official data showed on Tuesday, reflecting subdued demand and shoring up the case for further steps to consolidate recovery.

Meanwhile, citing the better-than-expected third-quarter performance and a series of stimulus policy measures, experts said China's economy remains on a steady recovery track, and they expect the GDP will expand by over 5 percent in 2023, above the annual growth target of around 5 percent this year.

China's official purchasing managers index for the manufacturing sector fell to 49.5 in October from 50.2 in September, below the 50-point level that separates contraction from growth, the National Bureau of Statistics said on Tuesday.

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