China's manufacturing sector has contracted again, leading to calls for stronger policy support to boost economic growth. The official manufacturing Purchasing Managers' Index (PMI) dropped to 49.5 in October, lower than the estimated 50.2, indicating a contraction in the sector. Additionally, the non-manufacturing PMI, which includes services and construction, fell to 50.6, the lowest level since December 2022. The decline in the manufacturing PMI can be attributed to fewer working days in October due to the Golden Week holiday, but it also highlights the fragility of the Chinese economy. China is currently facing various challenges, such as weak consumer spending, a property crisis, and subdued global demand. The drop in both PMIs reinforces the need for stronger fiscal policy support. In response, the Chinese government has implemented stimulus measures, including a 1 trillion yuan sovereign bond issue and property easing measures. President Xi Jinping has also initiated a financial policy meeting to address growth and financial risks. Analysts expect the People's Bank of China to further stimulate the economy by reducing the reserve requirement ratio.
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