Thursday, December 1

China Jan growth in factory activity slows – official PMI

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BEIJING — Growth in China’s factory activity expanded slightly in January amid a resurgence of COVID-19 cases with tough lockdown measures that hit production and demand, an official survey showed on Sunday.

The official manufacturing Purchasing Manager’s Index (PMI) registered 50.1 in January, remaining above the the 50-point mark, which separates growth from contraction, but slowing from 50.3 in December, data from the National Bureau of Statistics (NBS) showed.

Analysts had expected the PMI to fall to 50.

The world’s second-largest economy is losing momentum after a strong bounce from 2020’s pandemic-induced slump, weighed down by debt problems in the property market and strict anti-virus measures which have hit consumer confidence and spending.

(Reporting by Emily Chow; Editing by William Mallard)