BEIJING, Oct 31 (Reuters) – China’s factory activity expanded at a slightly slower pace in October but beat analysts’ expectations, suggesting a continuing economic recovery as the country rebounds from the coronavirus shock.
The official manufacturing Purchasing Manager’s Index (PMI) fell to 51.4 in October from 51.5 in September, data from the National Bureau of Statistics showed on Saturday, remaining above the 50-point mark that separates growth from contraction.
Analysts had expected it to fall to 51.3 but said a broader recovery still appeared well on track.
China’s vast industrial sector is steadily returning to the levels seen before the pandemic paralysed much of the economy. Pent-up demand, stimulus-driven infrastructure expansion and surprisingly resilient exports are propelling the rebound.
The economy grew 4.9% year-on-year in the third quarter, missing analysts’ expectations but indicating a sustained upturn from a record slump at the beginning of the year. (Reporting by Gabriel Crossley; Editing by William Mallard)
