China's official manufacturing PMI in October hit a new low of over two years.


Under the gloom of Sino-US trade frictions, China's economic downward pressure has begun to increase in the fourth quarter, which is confirmed by the latest published indicators: in October, China's manufacturing and non-manufacturing PMI declined to more than two-year and one-year lows, respectively, are lower than market expectations, reflecting the obvious supply and demand sub-indicators. Decline, new export orders accelerate contraction.
The PMI and employment sub-index of SMEs are below the critical line, reflecting the plight of private manufacturing enterprises. Analysts pointed out that stable growth policy is expected to continue to add weight, there have been a number of recent policies to stimulate consumption and support private enterprises, the market calls for tax cuts and fees are increasing, monetary policy will focus on the dredging of transmission mechanism.
Zhang Yiping, a macro analyst at China Merchants Securities, said that although manufacturing production and business activities were expected to be flat in October and September, new orders and raw material inventory indices, leading indicators, both fell, indicating greater downward pressure on the manufacturing sector in the future.
"Especially after the northern winter heating, the environmental pressure faced by manufacturing activities will further increase, and the domestic economic situation in the fourth quarter may be more severe." He pointed out that stable investment alone can not stabilize the domestic economic trend, but also need to stimulate consumption, stimulate the vitality of the private economy policy.
The official Manufacturing Purchasing Managers Index (PMI) fell to 50.2 in October, lower than the median forecast of 50.6 in a Reuters survey and 50.8 in September, the National Bureau of Statistics and the Logistics and Purchasing Federation (CFLP) said on Wednesday. This is the official manufacturing PMI expansion for 27 consecutive months, but the lowest since July 2016.

<>China's official manufacturing PMI in October hit a new low of over two years.

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