Data released within the week showed that China’s official NBS Manufacturing PMI fell to 49.0 in October, its lowest level in six months and marking the seventh consecutive month of contraction.

The decline was characterized by output shrinking for the first time in six months and foreign sales falling at the steepest rate since April.

Separately, Chinese President Xi Jinping delivered a written address to the APEC CEO Summit in Gyeongju, South Korea.

President Xi stressed the importance of multilateralism, openness, and win-win cooperation at a time when the world faces “accelerated transformation.”

He highlighted that China has been a major engine of world economic growth and is committed to an open market, noting that only 29 items remain on China’s negative list for foreign investment (with zero in the manufacturing sector).

Source : Trading Economics