Activity in China's factory sector grew at a more subdued pace in November as new export orders shrank, a preliminary survey showed on Thursday, bolstering expectations the economy could lose some of its vigour in the fourth quarter as Beijing shifts its focus to structural reform.
The Flash Markit/HSBC Purchasing Managers' Index (PMI), the earliest indicator of how the Chinese economy is faring each month, fell to 50.4 from October's final reading of 50.9.
But it remained above the 50 line which demarcates expansion from contraction for the fourth consecutive month, indicating the government has achieved the stability it sought to push through reforms.
China's top leadership unveiled the boldest set of economic and social reforms in nearly three decades following a four-day conclave that ended last week. The reforms are expected to drive new growth in the world's second-largest economy.
China had set an annual economic growth target of 7.5% for this year, which officials said would be the slowest growth in 23 years.
Beijing has made it clear that it would accept slower growth while it pushes ahead with reforms to wean the economy away from investment and exports towards domestic consumption.
A sub-index in the PMI measuring new export orders fell to a three-month low of 49.4 in November from 51.3 in October, reflecting less-than-energetic external demand due to weak recoveries in developed countries.
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