China's factory activity expands for the first time since April, official survey shows

BEIJING — China's official purchasing managers' index for October came in at 50.1, in expansionary territory for the first time since April, according to National Bureau of Statistics data released Thursday.

The reading was expected to come in at 49.9, according to a Reuters poll. September's reading was 49.8. The last time the PMI was above the 50-point line that determines contraction from activity was in April, with a reading of 50.4.

A survey released Wednesday by the U.S.-based China Beige Book of 1,436 Chinese businesses between Oct. 18 and 25 found that manufacturing output improved from a year ago. New domestic and export orders also picked up, with export orders from the U.S. falling less sharply in October.

The Caixin China general manufacturing PMI for October is due out Friday, while the Caixin China general services PMI is scheduled for release Nov. 5.

China's economic growth has slowed, dragged down by tepid consumer demand and a real estate slump. Exports have been a rare bright spot.

Stocks rallied after a series of high-profile stimulus announcements in the last several weeks, including a meeting led in late September by Chinese President Xi Jinping that called for strengthening fiscal and monetary policy support.

China's parliament standing committee is scheduled to meet next week, and is widely expected to release details on fiscal stimulus after the gathering ends on Nov. 8.

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