BEIJING--Chinese factory activity fell to its lowest level in six months in November, according to one early gauge, increasing pressure on Beijing to do more to spur growth as the world's second-largest economy continued to weaken in the fourth quarter.

The reading released on Thursday by HSBC Holdings PLC and data provider Markit showed Chinese factory activity has been flat this month. New exports orders, a rare bright spot in recent months, also weakened, along with employment, although new orders overall showed some improvement.

"We still see uncertainties in the months ahead from the property market and on the export front," said HSBC economist Hongbin Qu in a research note. "We think growth still faces significant downward pressures, and more monetary and fiscal easing measures should be deployed."

The preliminary HSBC China Manufacturing Purchasing Managers Index fell to 50.0 in November, compared with a final reading of 50.4 in October, HSBC and Markit said. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.

Thursday's manufacturing numbers are the latest in a string of weaker indicators in recent weeks. GDP growth slowed to 7.3% on year in the third quarter, its slowest pace in more than five years, amid weaker credit growth, slower investment growth and a property slump. Moving into the fourth quarter, loan growth in October slowed to 12.9% on year, its lowest growth since 2006, while fixed asset investment grew 15.5% on year from January to October, its slowest expansion since 2001.

Chinese authorities are likely to maintain their current targeted fiscal and monetary policy approach, economists said, although pressure is building to take stronger steps, including an interest-rate cut or a reduction in the capital reserves that financial institutions must hold with the central bank.

"They still want to focus on innovative measures. They still want to be creative," said OCBC economist Dongming Xie. "The chances of cuts are definitely higher, although they're still quite reluctant."

Signaling the government's close watch on sliding growth, Xu Shaoshi, head of the National Development and Reform Commission, China's main planning body, said in an internal meeting that the economy faces rising downward pressure in 2015, according to a statement on the agency's website on Wednesday.

Also on Wednesday the State Council, China's cabinet, unveiled several measures aimed at helping smaller companies increase their access to credit, reduce borrowing costs and expand access to foreign exchange.

Credit growth has underwhelmed this year despite Beijing's effort to funnel capital to private companies. The State Council said Wednesday it would make "innovative use" of the country's foreign exchange reserves to support the real economy, without providing details. China's foreign exchange reserves stood at $3.89 trillion at the end of September.

Economists said despite challenges on several economic fronts, Beijing still has some leeway before it reaches for broad-based stimulus measures--which it fears could increase bad loans and spur overcapacity--so long as employment holds up, an area it has identified as a major priority.

On the credit front, China has improved liquidity in money markets recently, sparking a rally in the bond market, economists said, although the easing hasn't been effectively transmitted to credit markets and the real economy. One problem, they said, is that companies are still reluctant to borrow money or make capital investments as the economy weakens, even as banks are wary of lending amid concern that nonperforming loans could increase.

"When you talk about slow loan growth, there's the demand side and the supply side. Both sides face problems," said OCBC's Mr. Xie. "The first half of next year will continue to be challenging for China," he added.

The preliminary PMI figure, also called the HSBC Flash China PMI, is based on 85% to 90% of total responses to HSBC's PMI survey each month, and is issued about one week before the final PMI reading.

William Kazer and Grace Zhu contributed to this article.

Write to Mark Magnier at mark.magnier@wsj.com and Richard Silk at richard.silk@wsj.com

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