China’s official manufacturing PMI fell to 49.0 in October, marking the seventh straight month of contraction as export orders dropped sharply. The shortfall in external demand and weakened global orders are dragging growth. Services held marginally above 50 with a reading of 50.1, but the overall picture points to a struggle to rebalance toward domestic consumption. Policymakers are considering increased stimulus through policy financing and bond issuance, though many analysts expect only moderate measures aimed at meeting the year-end growth target rather than aggressive easing.