China's non-manufacturing PMI rises in October

The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 56.2 in October, up from 55.9 in September and marking the highest level this year, the National Bureau of Statistics (NBS) said Saturday.

A reading above 50 indicates expansion, while a reading below reflects contraction.

The non-manufacturing PMI has seen growth for three consecutive months and remained above 50 for eight months in a row, data from the NBS showed.

In October, the service sector accelerated its pace of recovery, with the sub-index for business activities expanding 0.3 points from the previous month to 55.5.

With the eight-day National Day holiday a key driving force, Chinese people are now more willing to go out and spend their money, said NBS senior statistician Zhao Qinghe while analyzing the reading for October.

A breakdown of the data showed the sub-indexes for the business activities of rail transportation, civil aviation as well as accommodation and catering remained above 59, Zhao added.

The sub-index tracking business activity expectations hit 62.2, remaining above 60 for the fourth consecutive month, sending a positive signal for the economic recovery.

The construction industry continued its robust growth, as the sub-index for business activities stood at 59.8. Infrastructure construction picked up steam as sub-indexes related to new orders, employment and civil engineering construction registered growth from the previous month.

China has taken multi-pronged measures to protect the economy from succumbing to epidemic shocks. Building on earlier efforts to advance the resumption of production, the country has ramped up tax and fee reductions and provided firms with low-cost loans to help them tide over difficulties.