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MNI BRIEF: China Jan PMI Slows to 50.1 as Covid Cases Rise

MNI (Singapore)

The China Purchasing Managers' Index (PMI) slowed to 50.1 in January from December's 50.3 as the rising cases of Covid-19 infections caused lockdowns that pressured an economy under multiple challenges, data from the National Bureau of Statistics on Sunday showed.

However, at above the breakeven 50 level for the third month, the indicator is still considered expansionary. While production continued to rise, demand however remained sluggish. The production and new order sub-indices fell 0.5 and 0.4 percentage point, respectively. New export orders rebounded slightly to 48.4 from the previous 48.1.

The non-manufacturing service index fell by 1.6 pp to 51.1, also due to the strict measures regional governments imposed to contain Covid cases. The construction industry slowed as the country enters the annual Spring Festival.

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