China factory activity slows, adding to economic strains

Published: Updated:
Read Mode
100% Font Size
1 min read

China’s factory activity decelerated in May, a survey showed Wednesday, adding to signs its economic rebound after the end of anti-virus controls is slowing.

A monthly purchasing managers’ index issued by the national statistics agency and an industry group declined to 48.4 from April’s 49.2 on a 100-point scale on which numbers below 50 show activity declining.

For all the latest headlines follow our Google News channel online or via the app.

Chinese manufacturers have been hurt by weakening global demand after central banks in the United States, Europe and Asia raised interest rates to cool inflation.

At home, Chinese consumer spending revived after anti-virus curbs on travel and business activity were lifted in December. But the recovery has been weaker than expected.

Economic growth accelerated to 4.5 percent over a year earlier in the three months ending in March, from the previous quarter’s 2.9 percent. Growth will have to accelerate in coming quarters to hit the ruling Communist Party’s annual target of “around 5 percent.”

Read more:

Chinese fighter jet carried out ‘unnecessarily aggressive’ move near US plane

US imposes sanctions on Chinese, Mexican entities in fentanyl action

Necessary to speed up modernization of national security system: China

Top Content Trending