China SME and export-focused factory activity grew in November: Caixin

The news: Parts of China's factory sector expanded in November, according to the Caixin purchasing managers index, surprising analysts and bucking the result for large state-owned companies.

The numbers: Caixin's PMI figures, which sample export-oriented and small to medium enterprises, came in at 50.7, beating last month's 49.5 and expectations of 49.6. The 50-level separates expansion from contraction. Official PMI figures, which sample larger, state-owned entities came in negative for the second straight month on Thursday.

The context: The uptick was welcome news in the world's second-largest economy, which has been struggling against a property crisis, government debt risks and weak demand at home and abroad. Beijing has been implementing policies to stimulate economic activity, but many analysts believe more stimulus will be needed for China to meet its growth targets.