PMI data adds to signs of stabilization in Chinese economy
China’s factory activity expanded for the first time in six months in September, an official survey showed on Saturday, adding to a run of indicators suggesting the world’s second-largest economy has begun to bottom out.
Preliminary signs of improvement had emerged in August, with factory output and retail sales accelerating while declines of exports and imports narrowed and deflationary pressures eased. Profits at industrial firms posted a surprise 17.2% jump in August, reversing July's 6.7% decline. The composite PMI, including manufacturing and nonmanufacturing activity, climbed to 52.0 in September from 51.3.
China Evergrande Group, the world's most indebted property developer with more than $300 billion in liabilities, said on Thursday its founder was being investigated over suspected"illegal crimes."
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