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China's non-manufacturing sector growth rises in October

(Xinhua)

11:39, November 04, 2012

BEIJING, Nov. 3 (Xinhua) -- The Purchasing Managers Index (PMI) of China's non-manufacturing sector was 55.5 percent in October, up 1.8 percentage points from September, new data has showed.

The PMI, a key economic indicator, was released by the China Federation of Logistics and Purchasing (CFLP) on Saturday.

The relatively high figure can boost market confidence and contribute to a foundation for stable economic growth, said Cai Jin, CFLP vice chairman.

The reading was the same as that in October last year. In the past 12 months, the September reading of 53.7 percent was the lowest and the March reading of 58.0 percent was the highest, according to the CFLP figures.

A PMI reading above 50 percent indicates expansion from the previous month, while readings below this indicate contraction.

The index for new orders dropped 0.2 percentage points to 51.6 percent, indicating continued market growth but with a slight slowdown.

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