China's manufacturing sector contracted unexpectedly last month, as the nation's economy continues to falter ahead of a visit from Australian Prime Minister Anthony Albanese.
A private survey by Caixin Global found Chinese manufacturing activity had fallen to an index rating of 49.5 in October, down from 50.6 the previous month. A rating below 50 indicates contraction.
The findings showed China's economy remains in an uncertain position according to senior economist at Caixin Insight Group Wang Zhe, who described the foundation for recovery as"not solid." Two of the nation's largest developers, Evergrande and Country Garden, are facing the prospect of default, which would leave millions of Chinese residents out of pocket and without a place to live.
Foreign investment has been one area of particular concern, with calculations based on Chinese government data by the Financial Times suggesting it had fallen 34 per cent in September, the biggest monthly drop since figures became available. China's President Xi Jinping has spoken about the need for mutual investment, telling a celebration of Beijing's Belt and Road program"China can only do well when the world is doing well." Picture: Ken Ishii - Pool/Getty Images
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