China manufacturing growth falls in October
BEIJING (AP) — Surveys show China's manufacturing growth declined further in October amid a slowing economy and languishing global demand.
The China Federation of Logistics and Purchasing said Saturday that its purchasing managers' index dropped by 0.3 percent from September to 50.8 percent. The index is a 100 point scale on which any number above 50 indicates an expansion of manufacturing.
The same figure was reported by the government's National Bureau of Statistics, which surveys 3,000 businesses of all sizes across the country.
Economic growth slowed to a five-year low of 7.3 percent in the third quarter of the year and may fall short of the government's full-year target of 7.5.
Federation analyst Zhang Liqun says the economy faces continuing pressure, but predicts government mitigation steps would soon take effect.