Check out why China's Q3 manufacturing growth likely to confirm stabilising economy

September's manaufacturing output stayed high at 50.4.

The official manufacturing Purchasing Managers Index (PMI) stabilised at 50.4 in September after rebounding strongly above the 50 threshold in August.

Research firm Standard Chartered notes that the reading, while below the 50.5 consensus, takes the average monthly manufacturing PMI for Q3 to 50.2, up from 50.1 in Q2 and the highest in seven quarters. The non-manufacturing PMI rose to 53.7 in September from 53.5 in August, taking the Q3 monthly average to 53.7 from 53.4 in Q2.

The construction PMI rose to a three-month high of 61.9 in September as unfavourable seasonal and weather factors faded and construction activity rebounded.

SC's composite PMI rose to 52.3 in September, the highest since April.

The business expectations indices for manufacturing and non-manufacturing under the official PMI both improved during the month.

According to SC, the data suggests that the rebound in growth momentum seen in August continued in September.

"The economy appears to have stabilised in Q3. We expect GDP growth to have picked up to 6.8% y/y in Q3 from 6.7% in Q2 on a sequential improvement in net exports and investment, as well as last year’s low base," it said.

SC expects the momentum to continue in Q4 thanks to supportive policies. However, it cautions that the economic stabilisation appears to have been driven by large companies, and China needs to implement structural reforms to achieve more sustainable growth.

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