{"id":7424,"date":"2023-10-31T05:16:21","date_gmt":"2023-10-31T05:16:21","guid":{"rendered":"https:\/\/infundpros.com\/business\/chinas-factory-activity-contracts-in-blow-to-economic-momentum\/"},"modified":"2023-10-31T05:16:21","modified_gmt":"2023-10-31T05:16:21","slug":"chinas-factory-activity-contracts-in-blow-to-economic-momentum","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7424","title":{"rendered":"China\u2019s factory activity contracts in blow to economic momentum"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Chinese economy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=3cb30b8b-6d01-4741-9452-ded8fd72e0c4&amp;concept-id=bf38d79f-556e-4f4e-885c-a9e67594140a\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>China\u2019s manufacturing activity unexpectedly contracted in October, damping hopes of increasing momentum in the world\u2019s second-largest economy.<\/p>\n<p>The country\u2019s official manufacturing purchasing managers\u2019 index came in at 49.5 this month, missing forecasts and trailing a reading of 50.2 in September. A reading below 50 marks contraction against the previous month.<\/p>\n<p>The contraction, which reversed last month\u2019s return to expansion, marked a further blow for policymakers, who are under pressure to tackle a slowdown across the country\u2019s economically critical property sector and jump-start lagging growth.<\/p>\n<p>It also followed better than expected gross domestic product growth of 4.9 per cent year on year in the third quarter, which had raised hopes that China\u2019s economy was turning a corner after low post-pandemic activity disappointed projections.<\/p>\n<p>\u201cUp until this latest data release, things were looking better,\u201d said Julian Evans-Pritchard, head of China economics at Capital Economics.<\/p>\n<p>He added that the combined manufacturing and non-manufacturing data was \u201cthe worst on record, if you ignore Covid lockdowns\u201d and suggested that the services sector was \u201cbarely growing at all\u201d.<\/p>\n<p>The non-manufacturing PMI on Tuesday came in at 50.6, remaining in expansionary territory but rising at its slowest pace this year. Economists polled by Bloomberg had forecast a reading of 52, after the gauge hit a figure of 51.7 in September.<\/p>\n<p>Robert Carnell, head of Asia-Pacific research at ING, wrote in a note that the PMI figures came as a \u201cslight shock\u201d and suggested that the economy was \u201cstill struggling\u201d despite the recent GDP figures.<\/p>\n<p>China\u2019s economy had been showing more signs of growth, expanding 1.3 per cent quarter on quarter, significantly ahead of the April-June rate of just 0.5 per cent.<\/p>\n<p>China\u2019s manufacturing PMI figures edged above the 50 mark in September after five consecutive months of decline, when disappointing trade, retail and property data had dashed expectations of a boom following the removal of pandemic restrictions in January.<\/p>\n<p>The government has targeted 5 per cent economic growth for 2023, its lowest official target in decades.<\/p>\n<p>The property sector has come under renewed focus in recent weeks, with Country Garden, once China\u2019s largest private developer by sales, defaulting on its international debts.<\/p>\n<p>A restructuring plan at Evergrande, whose default two years ago helped trigger a sector-wide liquidity crunch, was derailed at the last minute, with the company citing regulatory constraints.<\/p>\n<p>Separate manufacturing and non-manufacturing indices from private data provider Caixin will be released on Wednesday.<\/p>\n<p>The weaker official figures will add to pressure for more fiscal stimulus from Beijing. Policymakers have gradually eased monetary conditions, marginally cutting benchmark lending rates and relaxing some constraints on housing purchases that were designed to avoid overheating prices.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/3cb30b8b-6d01-4741-9452-ded8fd72e0c4\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Chinese economy myFT Digest &#8212; delivered directly to your inbox. China\u2019s manufacturing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-7424","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China\u2019s factory activity contracts in blow to economic momentum | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Chinese economy myFT Digest -- delivered directly to your inbox.China\u2019s manufacturing activity\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=7424\" \/>\n<meta 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