Chinese manufacturing has weakened, adding to economic pressures. | So Good News


BEIJING (AP) – China’s manufacturing output weakened in October, an official survey showed Monday, putting downward pressure on the economy as the ruling Communist Party seeks to reverse the slowdown.

The monthly purchasing managers’ index fell to 49.2 on a 100-point scale, according to the Bureau of Government Statistics and the official industry group.

production planning; The National Bureau of Statistics and the China Federation of Logistics and Purchasing announced that new orders and employment fell.

Economic growth is expected to weaken in late 2022 as global export demand cools and repeated shutdowns of major Chinese cities to fight the virus weigh on consumer spending.

The figures point to a loss of momentum this month as virus disruption worsens and export orders come under pressure, said Zichun Huang of Capital Economics.

The ruling party is seeking to reverse the downturn after forecasting economic growth in the first half of 2022 to 2.2% from 2.2%. It’s trying to do this without easing the credit crunch that’s chilling the real estate industry. A major economic engine.

Economic growth rebounded to 3.9% year-on-year in the three months ended September, from 0.4% in the previous quarter. But retail sales fell to 2.5% in September from 5.4% in the previous month.

Also in September, export growth fell to 5.7 percent from a year ago, down from 7 percent in the previous month. Imports rose 0.3% in a sign of weaker Chinese demand.

Forecasters cut their expectations for China’s annual growth this year to a record low of 3%, which would be the second lowest since at least the 1980s.

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