The pace of contraction in China's manufacturing sector slowed in November and the services sector grew, signs that the country's transition to a consumption-driven economy is back on track after a torrid summer, surveys showed Tuesday.
According to the final Caixin/Markit China Manufacturing Purchasing Managers Index, China's manufacturing activity contracted for the ninth straight month in November, but more slowly than in October.
The private survey had a reading of 48.6 for November, up from 48.3 in October. Economists had expected the final November reading to be flat on October.
A reading above 50 indicates an expansion in activity, while one below point to a contraction.
Unlike the government's gauge that concentrates on large firms, Caixin's survey focuses on smaller and medium-sized companies.
China's official manufacturing purchasing managers index, released 45 minutes earlier than the Caixin survey results, came in at 49.6 - slightly lower than October's 49.8, according to data released by the National Bureau of Statistics.