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China Factory Activity Shrinks in October

Chinas manufacturing purchasing managers index fell to 49.3 in October from 50.1 in September, marking its third contraction in four months. Economists urged the government to implement further policy support to boost domestic demand.

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FILE PHOTO: A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory, as the country is hit by the novel coronavirus outbreak, in Hangzhou, Zhejiang province, China March 2, 2020. China Daily via REUTERS/File Photo

China's manufacturing PMI fell to 49.3 in October, marking the third contraction in four months amid soft domestic demand and cooling exports. The official reading missed the 50.0 consensus forecast from a Reuters poll, dropping from 50.1 in September. Economists warn that insufficient demand is increasing economic pressure, threatening growth momentum outside of high-tech sectors.