BEIJING: China's factory activity shrank at a sharper pace in December as surging COVID-19 infections disrupted production and weighed on demand after Beijing largely removed anti-virus curbs, a private sector survey showed on Tuesday (Jan 3). The Caixin/Markit manufacturing purchasing managers' index (PMI
BEIJING: China's factory activity shrank at a sharper pace in December as surging COVID-19 infections disrupted production and weighed on demand after Beijing largely removed anti-virus curbs, a private sector survey showed on Tuesday .
"Supply contracted, total demand remained weak, overseas demand shrank, employment deteriorated, logistics was sluggish, manufacturers faced growing pressure on their profitability, and the quantity of purchases as well as inventories stayed low," said Wang Zhe, senior economist at Caixin Insight Group.
However, manufacturers were still somewhat upbeat with the sub-index of future output surging to the highest since February as COVID-19 restrictions were rolled back.
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