Posted Feb 1 2023 at 6:06
BEIJING, Feb 1 (Reuters) – China’s manufacturing activity contracted at a slower pace in January after Chinese authorities abandoned a zero-COVID policy at the end of December, according to the results of a private study published on Wednesday.
The manufacturing PMI index calculated by Caixin/Markit rose slightly last month to 49.2, against 49.0 in December, below the threshold of 50 which separates contraction and expansion of activity.
Analysts polled by Reuters expected an index of 49.5 in January.
The COVID-19 outbreak and weak market conditions continued to weigh on demand and factory operations, according to the survey.
The new orders and production sub-indices contracted at a slower pace.
The new export orders sub-index fell for the sixth consecutive month due to weak global economic growth and a drop in demand.
(Report Ellen Zhang and Ryan Woo; French version Camille Raynaud)
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