China’s factory activity growth dwindles: Caixin PMI
February had seen China’s factory activity growing at the slowest pace in nine months. The restricted expansion was mainly from the country’s subdued output as the manufacturing sector struggles with weak overseas demand and surging coronavirus cases.
The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) was read at 50.9 last month. The figure came to be the slowest pace of expansion the index had recorded since May 2020. While this placed lower than the 51.1 forecast expected by analysts, it still remained above the 50 threshold that separates growth from decline.
The slowdown highlights the instability of the ongoing economic rebound in China. This still pressed even after coronavirus infections were controlled, with analysts expecting a strong recovery in full-year growth.