COVID-19 outbreak forces Chinese manufacturing to weaken
According to data released by the National Bureau of Statistics on Saturday, the purchasing managers’ index (PMI) for China’s manufacturing sector was 47 in December 2022, down from 48 in November.
A reading of 50 or higher denotes expansion, while one of 50 or less denotes contraction.
In December, the sub-index for large businesses was 48.3 percent, a decrease of 0.8 percentage points from November.
Production’s sub-index dropped 3.2 percentage points from the prior month to 44.6 in December. The sub-index for new orders in the manufacturing market fell 2.5 percentage points from a month earlier to 43.9, indicating a decrease in demand there as well.
The data released on Saturday also revealed that China’s non-manufacturing sector’s PMI decreased from 46.7 in November to 41.6 in December.