China’s industrial activity continued to grow in November, after a broad package of stimulus measures helped reverse months of contraction.

The official manufacturing purchasing managers’ index stood at 50.3, the National Bureau of Statistics said Saturday, above the 50 mark that separates expansion from contraction. The median forecast of economists surveyed by Bloomberg was for a gain to 50.2, up from 50.1 in October.

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The non-manufacturing measure of activity in construction and services fell to 50 in November from 50.2 in October. This compares to a forecast of 50.3. The composite index remained unchanged at 50.8.

The Chinese economy has shown tentative signs of recovery since October after the announcement at the end of September of a series of stimulus measures, including interest rate cuts. At a Politburo meeting, the country’s top leaders stepped up efforts to revive growth by pledging to support fiscal spending and stabilize the ailing real estate sector.

“The economy has stabilized recently while tax and monetary policies eased after the Politburo meeting on September 26,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management. Nevertheless, the outlook for 2025 That remains uncertain given a looming trade war, which could delay business investment decisions, and uncertainty over future fiscal stimulus, he said.

China also faces new challenges with Donald Trump’s victory in the US presidential election this month. His threat to high prices on Chinese goods risks wreaking further havoc on China’s export sector, which already faces higher trade barriers from places like the European Union.

In October, official and private measures of industrial activity beat analysts’ expectations, while home sales rose for the first time this year. Infrastructure investment remained stable and the urban unemployment rate fell in October to its lowest level in four months.