for the third consecutive month construction industry China experienced a contraction greater than even the most pessimistic forecasts of analysts, according to National Statistical Office (ONE) This Sunday the Asian giants
He purchasing manager index (PMI, for its acronym in English), which reflects sector activity, stood at 49 pointsWhereas last month it was 49.4.
This indicates a sustained decline in the indicator, which differentiates between growth and contraction, by falling above or below 50 points respectively. manufacturing activity, The PMI sub-index, which includes aspects such as new orders, employment and raw material inventories, also witnessed a decline, falling below the 50-point threshold and registering a decline compared to November.
zhao qingheForest’s statistician identified weak domestic demand and a decline in orders from abroad as the main reasons for this negative trend.
Forest also published its PMI for the non-manufacturing sector, which includes the following sectors Services and Manufacturing And which stood at 50.4 points in the last month of the year, 0.2 higher than in November and 0.1 higher than analysts’ forecasts.
Activity in manufacturing rose from 55 points to 56.9, while services sector activity remained at 49.3 points, the same level recorded last month, a new decline which Zhao partly attributed to “weak consumption” in the tourism sector . “Cold Waves” that have hit many areas of the Asian country this month.
The composite PMI, which combines the growth of manufacturing and non-manufacturing industries, fell from 50.4 in November to 50.3 in the twelfth month of the year, which was, once again, the lowest point of its historical series, according to years of data. Is. of pandemic,
Xi Jinping’s rule It began rolling back anti-Covid restrictions in December 2022 after nearly three years, sparking a rebound in the world’s second-largest economy.
But this recovery slowed due to low confidence from consumers and companies real estate crisisrecord level of youth unemployment and the slowdown in the global economy, which is impacting demand for Chinese goods.
Nearly 90% of foreign investment to enter Chinese stock market in 2023 hastily withdrawnwhich shows growing distrust against the promise of Xi Jinping regime To revive the faltering economy.
Net foreign investment in China-listed stocks, since its peak of RMB 235 billion ($33 billion) in August There has been a decline of 87%, has declined to only 30.7 billion RMB.
exodus, revealed from financial Times Through analysis of data from Hong Kong’s Stock Connect trading system, it shows Growing pessimism of international fund managers Regarding the prospects of the world’s second largest economy.
(With information from EFE and AFP)