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The official purchasing managers index (PMI) in the manufacturing industry fell for the second month in a row from 49.2 to 48.8 points, the Chinese statistics bureau reported in Beijing on Wednesday. A value below the 50 point limit indicates a contraction.
The index for the services sector remained in the expansive area, but also fell from 56.4 to 54.5 points, the statistics office reports. Both leading indicators were therefore below experts’ forecasts.
The reasons for the slowdown in the second-largest economy in the second quarter are many: export growth has deteriorated. The recovery of the battered real estate market is weaker. The government has also slowed infrastructure spending. Businesses are suffering from declining profits and rising political tensions with the US and its allies.
After the end of the strict corona policy, the Chinese government is aiming for an economic recovery this year. In the first quarter, economic growth amounted to 4.5 percent compared to the same period last year. For the full year, management has set a growth target of “around five percent”.
(SDA)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
