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Economy warms as factories hum again

By Chen Jia and Yu Ran (China Daily)

07:59, November 02, 2012

The economy regained some manufacturing momentum, according to the purchasing managers' index, which indicated an expansion in factory output.

The PMI hit 50.2 in October, up from 49.8 in September and 49.2 in August, the National Bureau of Statistics said on Thursday.

A reading above 50 indicates an expansion in manufacturing.

The upturn may provide fuel for more robust business policies in the coming months, economists said.

Another key indicator, the HSBC PMI - an index that focuses more on small and medium-sized businesses - also showed an eight-month high of 49.5 in October.

"The PMIs further supported our view that the pace of growth is gradually picking up," said David Fernandez, an economist at the Singapore Branch of JPMorgan Chase Bank.

The Shanghai Composite Index went up 1.7 percent to 2104.43 at Thursday close, the biggest advance since Oct 9, driving the week's gains up by 1.9 percent.

"The economy's growth has been steady, reflecting a slow but continuous rise in demand and more accommodative fiscal and monetary conditions," said Chang Jian, an economist with Barclays Capital.

"For the past three months, there have been small improvements in our exports as the number of overseas orders is climbing back slowly," said Qian Shaotian, sales manager at Shanghai Yuanzong Hardware Co.

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