China’s official manufacturing PMI was unchanged at 51.1 in September.
This was a bit higher than the 51.0 expected by economists.
Any reading above 50 signals growth.
This comes as the world’s second largest economy continues to lose momentum amid a cooling property prices and moderating credit.
According to the report, China’s large enterprises are in the best shape; their PMI climbed to 52.0 from 51.9. Medium enterprises PMI climbed to 50.0 from 49.9. Meanwhile, small enterprises PMI fell to 48.6 from 49.1.
On Tuesday, we learned that HSBC’s manufacturing PMI fell to 50.2 in September from a preliminary estimate of 50.5.
“Overall, the data in September suggest that manufacturing activity continues to expand at a slow pace,” HSBC’s Hongbin Qu said. “We think the risks to growth are still on the downside and warrant more accommodative monetary as well as fiscal policies.”
Markets in China are closed for the Golden Week holiday.