Economy stabilises, factory activity returns

In this photo taken on September 29, 2023, people visit the Confucius Temple Scenic Area in Nanjing, in China痴 eastern Jiangsu province, on the first day of a week-long holiday marking the Mid-Autumn festival and China痴 National Day. (Photo by AFP) / China OUT

BEIJING: China’s factory activity expanded for the first time in six months in September, an official survey shows, adding to a run of indicators suggesting the world’s second-largest economy has begun to bottom out.

The purchasing managers’ index (PMI), based on a survey of major manufacturers, rose to 50.2 in September from 49.7, according to the National Bureau of Statistics, edging above the 50-point level demarcating contraction in activity from expansion. The reading beat a forecast of 50.