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


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

The monthly purchasing managers’ index fell to 49.2 on a 100-point scale, according to the CCP’s statistics bureau and 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 control the spread of 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 CCP is seeking to reverse the decline after the annual economic growth rate fell to 2.2 percent in the first half of 2022. It seeks to do without debt relief, which has chilled the real estate industry. Engine.

Economic growth rebounded to 3.9 percent a year earlier in the three months ending in September, from 0.4 percent in the previous quarter. But retail sales growth slowed to 2.5 percent in September from 5.4 percent 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 percent in a sign of weaker Chinese demand.




Source link