China's PMI of Manufacturing Sector Jumps to 53.8% in September

The Purchasing Managers Index (PMI) of China's manufacturing sector rose to 53.8 percent in September, up 2.1 percentage points from August, the China Federation of Logistics and Purchasing (CFLP) said.

The reading of the September index was the highest since May and marked the 19th consecutive month that the index was above the boom-bust line of 50 percent.

The PMI includes a package of indices to measure performance of the country's manufacturing sector. A reading above 50 percent indicates economic expansion, and below 50 percent indicates contraction.

According to the CFLP, nine of the 11 sub-indices, including production and new orders increased in September compared with August.

"The September index indicates the slowdown in China's economic growth has stabilized," said Zhang Liqun, a researcher with the State Council's Development Research Center.

China's gross domestic product grew 10.3 percent year on year in the second quarter, slowing from 11.9 percent in the first quarter.

The development of the PMI index and strong expansion of consumption, fixed assets investment and exports, three engines fueling the national economic growth, all proved that relatively fast economic growth momentum had been established, Zhang said.

"Economic growth is not expected to slow sharply in the future."