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MNI BRIEF: China Dec Manufacturing PMI Falls To Near 3-Yr Low

MNI (Singapore)
MNI (Beijing)

China's Purchasing Managers' Index (PMI) slid by one point to 47.0 in December, deeper into the contractionary zone below 50 and hitting the lowest level since February 2020, as fresh outbreaks of Covid-19 disrupted factory activities, data from the National Bureau of Statistics on Saturday showed.

Both the production and new orders sub-indices fell by 3.2 and 2.5 points from November to 44.6 and 43.9, respectively. The new export orders sub-index fell by 2.5 points to 44.2 on declining external demand.

The non-manufacturing PMI fell sharply by 5.1 points to 41.6, also hitting the lowest since February 2020. The services activities sub-index further declined by 5.7 points to 39.4, with businesses in retail sales, accommodation, catering all falling below 35.0, according to the NBS. One bright spot was the rebound in air transportation, with its sub-index rising to above 60 as the number of domestic and international passenger flights increased significantly amid relaxed Covid controls.

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