China's manufacturing sector displayed unexpected growth in October 2024, according to a private survey. The Caixin manufacturing purchasing managers index (PMI) rose to 50.3, up from 49.3 in September, indicating a slight expansion in activity.
This increase comes despite a week-long holiday, suggesting a stabilization in the economy following a recent stimulus package implemented by Beijing. The PMI figure surpassed economists' median forecast of 49.7, with the 50-mark serving as the dividing line between expansion and contraction.