ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2023-03-26  |  UPDATED: 1400/12/03 - 17:55:1 FA | AR | PS | EN
Russia says íopen to diplomacyí over Ukraine, defends recognition of breakaway regions             Pakistan steps up military operation along Durand Line             Ghani Removed From UN Heads of State List             President Lukashenko: Belarus may purchase Russian S-400 missile systems             Iran rejects Reuters report on deal in Vienna talks as effort to boost Western sideís standing             Police throng Ottawa streets in preparation for crackdown on protests            Taliban Delegation Returns to Kabul from Doha             US General: Daesh ďConcerns Us in AfghanistanĒ             Afghan Women Criticize Bidenís Afghan Assets Decision             Afghan U19 Futsal Team Beats Uzbekistan 8-1             ĎNazi saluteí shakes up EU parliament             NY attorney general fires back at Trumpís defense of financial statements             Ethnic Russians in eastern Ukraine say attacked by govt. forces             NJ police cuff Black teen in fight as white teen watches showdown             US sends F-35 jets to Germany amid rising tensions in Eastern Europe            


DATE PUBLISHED: 1400/11/11 - 00:15:5
VISIT: 604
SHARE WITH YOUR FRIENDS

China January factory activity growth slows, demand wanes as COVID surges


China reports continued growth in manufacturing but at a slower pace amid COVID surge in January.

Growth in Chinaís factory activity slowed in January as a resurgence of COVID-19 cases and tough lockdowns hit production and demand, but the slight expansion offered some signs of resilience as the worldís second-largest economy enters a likely bumpy new year.

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

Analysts had expected the PMI to fall to 50.

The official results contrasted with those in a private survey of mostly small manufacturers in coastal regions, which showed activity fell at the fastest rate in 23 months.

Chinaís economy started last year strong, reviving from a sharp pandemic-induced slump, but it started losing momentum in the summer, weighed down by debt problems in the property market and strict anti-virus measures that hit consumer confidence and spending.

Rising raw material costs and soft demand have also eroded corporate profit margins. Profits at industrial firms rose at their slowest pace in December for more than a year and a half.

With the real estate slump expected to drag on through at least the first half of this year and the emergence of more infectious COVID-19 variants, Chinaís central bank has started cutting interest rates and pumping more cash into the financial system to lower borrowing costs. Further modest easing steps are expected in coming weeks.

Stability will trump everything ahead of a once-in-five-years Communist Party congress this year, with policymakers looking to ward off a sharper slowdown that could undermine job creation.

Risks of easing, COVID curbs

But such easing carries risks, as other global central banks like the US Federal Reserve are preparing to raise interest rates, which could spur potentially destabilizing capital outflows from emerging markets like China.

The International Monetary Fund on Wednesday cut its China 2022 growth forecast to 4.8%, from 5.6% previously, reflecting the property woes and the hit to consumption from strict COVID-19 curbs.

"Industrial activity slowed due to weak domestic demand," said Zhang Zhiwei, chief economist at Pinpoint Asset Management. "The service sector is also affected adversely by the outbreaks in many cities."

"The weak PMI indicates the policy easing measures from the government have not yet been passed to the real economy... We expect the government will step up policy supports in coming months, particularly through more fiscal spending."

A sub-index in the official PMI for production stood at 50.9, down from 51.4 in December, while new orders fell to 49.3 from 49.7.

While Chinaís new COVID-19 cases have been low compared with many other countries, a surge of infections since late December in the manufacturing hub of Xian forced many auto and chip makers to shut operations. Production has gradually returned to normal as the city emerged from a lockdown.

Samsung Electronics Co Ltd last month temporarily adjusted operations at its Xian manufacturing facilities for NAND flash memory chips, but it said on Wednesday that production has returned to normal.

Output in Tianjin, which battled an outbreak of the highly transmissible Omicron variant, was also affected.

At the same time, the government is trying to limit industrial air pollution levels ahead of the Beijing Winter Olympics, starting on Friday. China has told steel mills in northern regions to cut production until mid-March.

A survey on Chinaís sprawling services sector also showed growth slowing in January, as virus containment measures hit consumer sentiment.

Chinaís official composite PMI, which combined manufacturing and services, stood at 50.1 in January compared with 52.2 in December.

Chinaís economy grew 4.0% in the fourth quarter from a year earlier, its weakest expansion in one and a half years.

 

(Source: Reuters)

 

LINK: https://www.ansarpress.com/english/26577


TAGS:






*
*

*



SEE ALSO

EU to deliver Є500 million to Afghan people


South Korea may punish Tesla


Central bank calls on India to ban cryptocurrency


Imran Khan pledges more development help to Afghanistan


Afghanistanís Central Bank slates US plan for frozen funds


India, WFP signs MoU to distribute food grains in Afghanistan


Central Bank: UN Provided $3.1M Cash Aid in Past 3 Months


UK house prices rise at slowest pace as purchase power at historic low, report


Mujahid Denies Claim of Central Bankís Inability to Convert USD


Iran increases gas supply to Turkey, pipeline repairs postponed: Report





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Ukraine considering cutting ties with Russia

Russia says íopen to diplomacyí over Ukraine, defends recognition of breakaway regions

Pakistan steps up military operation along Durand Line

Ghani Removed From UN Heads of State List

President Lukashenko: Belarus may purchase Russian S-400 missile systems

Iran rejects Reuters report on deal in Vienna talks as effort to boost Western sideís standing

Police throng Ottawa streets in preparation for crackdown on protests

Taliban Delegation Returns to Kabul from Doha

US General: Daesh ďConcerns Us in AfghanistanĒ

Afghan Women Criticize Bidenís Afghan Assets Decision

Afghan U19 Futsal Team Beats Uzbekistan 8-1

ĎNazi saluteí shakes up EU parliament

NY attorney general fires back at Trumpís defense of financial statements

Ethnic Russians in eastern Ukraine say attacked by govt. forces

NJ police cuff Black teen in fight as white teen watches showdown

US sends F-35 jets to Germany amid rising tensions in Eastern Europe

Talks on Outsourced Airport Operations Still Ongoing: Ministry

EU to deliver Є500 million to Afghan people

Atmarís Letter to UN Regarding Afghan Mission Denied: Faiq

Afghan Embassy in US Facing Financial Problems

Karzai: Afghan Girls íMust Definitelyí Return to School

US support for the Taliban/ US supports no armed movement against Afghan government: Envoy

South Korea may punish Tesla

Central bank calls on India to ban cryptocurrency

Three women will host this yearís Oscars, while ratings continue to plummet

Western leaders should see doctor over Ukraine Ďparanoiaí, says Russian envoy

GOP boycotts Biden Fed nomineesí vote as bank fights inflation

Europe pledges $11 M to Afghanistanís educational sector

Four dead, 17 missing as Spain trawler sinks off Canada

Putin: Russia does not want war, ready to continue security talks with West

Indiaís hijab row spreads to its most populous state

Israel trying to sabotage Vienna process as talks enter sensitive stage: Report

Kremlin: US talk of imminent Ukraine invasion Ďbaseless hysteriaí

Moderate Democrats fear party infighting could cost them Congress

NBA: Chicago Bulls 120-109 San Antonio Spurs

Afghan Delegates Meet EU Envoys in Doha

UK to Co-Host Afghan Aid Virtual Summit

Afghanistan U19 Futsal Team Beats Tajikistan

Pakistan denies ISI chief meeting Afghan Jihadi leaders in Turkey

IRC urges US, Europe to reset their policies towards Afghanistan before humanitarian crisis kills more Afghans


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š