China Factory PMI Falls From Five-Year High on Pollution Cleanup

China’s official factory gauge fell this month, with new orders and prices leading the decline, as officials increasingly prioritize a campaign to clamp down on polluting industries and rein in debt.

With the economy transitioning away from a growth-at-all-costs model, officials are prioritizing the environment and a push to tame credit growth -- key policy directions that were highlighted during the twice-a-decade Communist Party Congress this month. Still, China is poised for its first full-year growth acceleration, defying predictions of a sharper slowdown triggered by the leverage campaign and property risks.