The reading followed official surveys released Thursday showing factory activity ended five months of contraction last month, adding to evidence that a stimulus package unveiled in late September has lifted sentiment. The pace of growth exceeded expectations by all 12 analysts surveyed by Bloomberg.
China’s manufacturing activity unexpectedly picked up last month despite a weeklong holiday, according to a private survey, a further sign of stabilisation after Beijing unleashed a stimulus package to shore up the economy.
The Caixin manufacturing purchasing managers index rose to 50.3 last month from 49.3 in September, according to a statement released by Caixin and S&P Global Friday. This compares with a median forecast of 49.7 by economists in a Bloomberg poll. The 50-mark divides expansion and contraction.
