Manufacturing activity in China contracted in September. It was the second consecutive month of such contraction, although the rate of decline eased slightly compared to August, an official survey showed.
The National Bureau of Statistics of China announced last week the Purchasing Managers’ Index (PMI) for the manufacturing sector was 49.8 points in September, up from 49.7 in August. A reading below 50 suggests a contraction in activity while one above that level pinpoints an expansion.
Zhao Qinghe, a senior statistician at the bureau, said in a statement accompanying the result that the September number showed the downward pressure in the manufacturing sector “remains relatively large”, reflecting weak demand in local and overseas markets.
The statistics bureau also said the PMI for the services sector in China was 53.4 points in September, remaining unchanged from the previous month.
Despite the recent run of weak economic data, China’s leaders have reiterated in the past few weeks that the world’s second-largest economy is operating “within a reasonable range”.
“We will be able to meet the main goals and tasks of economic and social development for this year”, Chinese Premier, Li Keqiang, said last week, as quoted by Chinese state-run news agency Xinhua.
