China’s monthly index of manufacturing activity climbed marginally to 51.1 per cent in September, raising hopes that growth of the world’s second-largest economy’s may have stabilised after a recent slowdown.
The purchasing managers’ index rose from 51 per cent in August, hitting a 17-month high, statistics from the China Federation of Logistics and Purchasing showed.
The 50 per cent mark denotes the divide between expansion and contraction of purchasing managers’ orders.
China’s annual economic growth fell to 7.8 per cent last year, the slowest since 1999, and it is expected to be slightly below that figure this year.
Premier Li Keqiang said on Tuesday that he expects the Government to meet its main economic targets this year despite facing “many challenges.” “We have kept our macro policies stable, innovated in adjustment methods, and effectively guided market expectations,” Li said.
The ruling Communist Party set a broad target of 7.5 per cent for economic growth this year.