China factory surveys show economy weakening, as Beijing steps up support

AP Business Writer

Surveys of Chinese factory managers show the economy weakening in recent weeks, as the government ratchets up stimulus. The Caixin purchasing managers survey showed new manufacturing orders fell at the fastest pace in two years in September. An official measure showed a less drastic decline but marked a fifth straight month of contraction. Chinese stock markets surged Monday, reflecting enthusiasm over a barrage of policy measures announced last week, including lower interest rates and smaller down payment requirements for mortgages and a cut in required bank reserves.