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BEIJING (MNI)

Caixin China's manufacturing PMI for March dropped 2.3 points on month to 48.1, below the breakeven 50 level, hitting the lowest since March 2020 amid a wider outbreak of local Covid-19 cases, financial publisher Caixin said on Friday.

Both the production and new order sub-indices fell to two-year lows, as the outbreaks disrupted the supply chains, Caixin said, adding that overall demand, especially for consumer goods, was relatively weak. Overseas demand also fell sharply, with the new export order sub-index at a 22-month low, as the epidemic situation, transportation and delivery difficulties amid the Russia-Ukraine crisis made market conditions more unstable.

Caixin's PMI tracks small and medium-sized manufacturers, while the official PMI covering large state-owned companies and released on Thursdaly also dropped 0.7 points to 50.2 in March from February.

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