China manufacturing contracts again
Beijing: China's manufacturing activity contracted again in September, but the rate of deterioration eased slightly, official data showed Monday.
Reuters
The purchasing managers' index (PMI) rebounded to 49.8 percent in September from 49.2 percent in August, but was still below the 50-percent level signifying expansion, Xinhua reported quoting China Federation of Logistics and Purchasing (CFLP).
The Septemper index ended the manufacturing PMI's continuous decline for four straight months.
"The rebound in September confirms a trend that China's economy is bottoming out," said Zhang Liqun, an analyst with the government think tank Development Research Centre of the State Council.
Judging by the reading of sub-indices, Zhang said there will be a turnaround for the downward movement in the world's second-largest economy, and growth may pick up in the coming months.
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