China’s factories see activity slump to lowest level in almost 3 years as Covid-19 batters economy
- Official manufacturing purchasing managers’ index slides to 47 in December
- 56.3 per cent of producers have noted big impact from the pandemic on their operations
SOURCE: South China Morning Post
China’s manufacturing activity contracted sharply in December to the worst level in nearly three years as an avalanche of Covid-19 infections battered the economy, with analysts warning of further risks.
The official manufacturing purchasing managers’ index (PMI) slid to 47 in December from 48 in November. It was the lowest since a reading of 35.7 in February 2020, early in the coronavirus pandemic, according to data released by the National Bureau of Statistics on Saturday.
Major subindices gauging production, new orders and deliveries dipped further below the 50 mark that separates growth from contraction, indicating persistent weakness in demand and the overall business climate.
“The pandemic has led to big disruptions to both the supply and demand sides of enterprises, staff attendance and logistics,” Zhao Qinghe, a senior economist at the bureau, said.
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