China's manufacturing sector posts 1.3% sales revenue growth in October

High-tech and equipment manufacturing companies lead the charge

Chinese manufacturing companies recorded a 1.3% sales revenue growth in October, marking a 2.2 percentage point rise compared to the previous month, according to the China's State Taxation Administration.

High-tech and equipment manufacturing companies led the sector's overall sales growth last month, with revenues increasing by 8.9% and 5.1% respectively.

Companies in the provinces of Zhejiang, Guangdong, Sichuan, and Henan experienced faster sales revenue growth during the month.

On September 26, a meeting of the Political Bureau of the Communist Party of China Central Committee called for the effective implementation of existing policies, intensified efforts to introduce incremental policies, further targeting and enhancing policy measures, and striving to achieve this year's economic and social development goals.

To boost the housing market, Chinese authorities in late September introduced measures to ease housing purchase restrictions, such as reducing mortgage rates for existing loans and lowering down payment ratios.

The taxation authority's data also showed that property transactions gained momentum in some first-tier cities. Second-hand home transactions in Beijing and Shanghai saw sales revenues grow by 11% and 12.8% year-on-year in October, respectively.

Meanwhile, retail sales grew rapidly year-on-year in October, driven by the government's consumer goods trade-in and equipment renewal programs introduced in March. The retail sales of TVs and refrigerators, in particular, increased sharply, according to the data.