Caixin China Manufacturing Purchasing Managers' Index (PMI) for October, released on November 2, stood at 53.6, up 0.6 percentage points than in September. This is the third time this year to hit a new high since February 2011, showing the steady expansion of the manufacturing industry. The trend is not consistent with the manufacturing PMI of the National Bureau of Statistics. The manufacturing PMI for October released by the National Bureau of Statistics was 51.4, a slightly decrease of 0.1 percentage point from September. There were also big differences between the sub-indices of the two manufacturing PMI. In the Caixin China manufacturing PMI, the production index, the new orders index, the raw material inventory index and the employment index all increased in the expansion range. Among them, the new orders index reached the highest level since December 2010. The new export orders index and the raw material purchase price index fell in the expansion range. In the manufacturing PMI of the Bureau of Statistics, the production index and the new orders index were in the expansion range with one falling and one flat, while the new export orders index and the raw materials purchase price index rose in the expansion range, and the raw materials inventory index and the employment index fell in the contraction range. Wang Zhe, a senior economist at The Caixin Think Tank, pointed out that both the supply and demand of the manufacturing industry are improving simultaneously. Companies are willing to replenish inventories actively, prices are stabilizing, business conditions are improving, and entrepreneurs' confidence is soaring. The repeated outbreaks of the COVID-19 overseas are still holding back exports, and the full recovery of employment depends on the building of a stronger and lasting confidence.