Private and official surveys show that China's factory activity rose to a two-year high last month, suggesting the world's No. 2 economy is stabilizing.

The Caixin monthly purchasing managers' index released Tuesday rose to 51.2 in October from 50.1 the previous month as production grew at its fastest in more than five years on strong domestic demand.

A similar index by the official Chinese Federation of Logistics & Purchasing also increased to 51.2 last month from 50.4 in September.

Both indexes are at their highest since July 2014. They are based on 100-point scales on which the 50 mark separates expansion from contraction.

In another hopeful sign for China's economy, the official non-manufacturing PMI ticked up to 54.0 last month from 53.7 previously.