BEIJING, Oct. 31 (Xinhua) -- China's manufacturing activity moderated in October while high-tech industries continued to expand, as the country pressed ahead with policy efforts to shore up domestic demand, stabilize investment and sustain economic growth.

The manufacturing purchasing managers' index (PMI) came in at 49.3 in October, down 0.8 percentage points from the previous month, according to the National Bureau of Statistics (NBS).

Huo Lihui, a chief statistician with the NBS, attributed the retreat to some demand being brought forward ahead of the National Day holiday earlier this month and a complex international environment.

The production sub-index stood at 49.8, down 1.9 points from September, while the new orders sub-index fell 1.1 points to 49.4, as both supply and demand moderated during the month.

The PMI for high-tech manufacturing stood at 51.3, while that for equipment manufacturing came in at 50.6, both remaining above the 50-point threshold that separates expansion from contraction.

The figures indicate that emerging industries continued to sustain growth momentum, supported by the ongoing development of new quality productive forces, Huo noted.

Manufacturing activity in several advanced industries remained robust. Both the production and new orders sub-indexes for railway, shipbuilding and aerospace equipment manufacturing, as well as computer, communications and electronic equipment manufacturing, stood at 53 or above, pointing to relatively strong supply and demand in these sectors.

Large manufacturers continued to report expansion, with their PMI standing at 50.2, despite a slight decline of 0.4 points from the previous month. Meanwhile, the PMI readings for medium-sized and small enterprises came in at 48.4 and 47.5, respectively.

On the price front, both major raw material purchasing prices and factory-gate prices remained in expansionary territory, although their growth moderated.

The purchasing price sub-index stood at 56.8, down 4 points from September, while the factory-gate price sub-index eased 2.3 points to 51.7, partly reflecting recent declines in the prices of certain nonferrous metals and other commodities.

The latest data came as China's economy expanded 4.5 percent year on year in the third quarter, up from 4.3 percent in the second quarter. In the first three quarters, China's economy grew 4.6 percent, in line with the country's annual growth target.

With a relatively low comparison base in the final quarter of last year and the effects of existing and additional policy measures continuing to unfold, economic growth could reach 4.6 to 4.7 percent in the fourth quarter, according to Wen Bin, chief economist at China Minsheng Bank.

On the monetary front, the People's Bank of China announced that it would complete the transition to an overnight policy rate framework starting Nov. 2, making the overnight reverse repo rate the main policy rate.

The central bank has also introduced a liquidity support mechanism for large-scale redemptions at non-bank financial institutions, aimed at containing systemic risks arising from potential feedback loops between investor withdrawals and bond market sell-offs.

Meanwhile, investment support is moving into the implementation stage. China had fully deployed 800 billion yuan (about 119 billion U.S. dollars) through new policy-based financial instruments by Oct. 28, with the funds directed toward project capital in areas including artificial intelligence, the digital economy, green development and consumption-related infrastructure.

To boost domestic demand, the National Development and Reform Commission is working on a domestic demand expansion strategy for the 2026-2030 period, which puts more focus on public services, direct support for consumers and combines investment in physical assets with investment in human assets.

Taken together, recent policy measures reflect China's continued efforts to balance growth stabilization with improvements in economic quality and efficiency, with the focus shifting from expanding funding and introducing new support tools toward improving policy transmission, strengthening institutional frameworks and enhancing economic resilience, Wen noted.