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China manufacturing activity expands more than expected in October
[BEIJING] Activity in China's manufacturing sector expanded at a faster pace than expected in October, an official survey showed on Tuesday, adding to views that the world's second-largest economy is stabilising thanks to a construction boom.
The official Purchasing Managers' Index (PMI) stood at 51.2 in October, compared with the previous month's 50.4 and above the 50-point mark that separates growth from contraction on a monthly basis.
Analysts polled by Reuters had predicted a reading of 50.4, pointing to more modest growth.
China's economy expanded at a steady 6.7 per cent in the third quarter and looks set to hit Beijing's full-year target, fueled by stronger government spending, record bank lending and a red-hot property market that are adding to its growing pile of debt.