National Bureau of Statistics (NBS): September non-manufacturing new orders
index 46.5%, up 2.4 ppt MoM, indicating a recovery in market demand though still
below the 50 expansion threshold. Construction business activity index rose to
50.3% (MoM +3.4 ppt); services business activity index 50.2% (MoM +0.9 ppt). By
services subsector, telecom/broadcast/satellite transmission, monetary and
financial services, and insurance are in the >55 high-activity range; capital
markets and real estate remain below the 50 cutoff. Construction new orders
45.7% (MoM +3.3 ppt); services new orders 46.7% (MoM +2.2 ppt).