{"id":105910,"date":"2021-01-31T02:37:51","date_gmt":"2021-01-31T02:37:51","guid":{"rendered":"https:\/\/fin2me.com\/?p=105910"},"modified":"2021-01-31T02:37:51","modified_gmt":"2021-01-31T02:37:51","slug":"chinas-factory-activity-growth-slows-in-january-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/chinas-factory-activity-growth-slows-in-january-due-to-covid-19\/","title":{"rendered":"China's factory activity growth slows in January due to COVID-19"},"content":{"rendered":"

BEIJING (Reuters) – China\u2019s factory activity grew at the slowest pace in five months in January, hit by a wave of domestic coronavirus infections, but still in line with the ongoing recovery in the world\u2019s second-largest economy.<\/p>

FILE PHOTO: A worker works on a production line at a factory of a ship equipments manufacturer, in Nantong, Jiangsu province, China March 2, 2020. China Daily via REUTERS<\/figcaption>

The official manufacturing Purchasing Manager\u2019s Index (PMI) fell to 51.3 in January from 51.9 in December, the National Bureau of Statistics said in a statement on Sunday. It remained above the 50-point mark that separates growth from contraction on a monthly basis, but was below the 51.6 expected in a Reuters poll of analyst forecasts.<\/p>\n

In January, mainland China reported more than 2,000 local cases of the coronavirus. While the number was small compared with other countries, authorities were concerned about transmission risks during the Lunar New Year travel rush – the world\u2019s biggest annual human migration spanning 40 days from January to February.<\/p>\n

During the month several large cities were locked down with tens of millions tested for COVID-19, interrupting factory activity and weighing on the services sector, including logistics and transportation.<\/p>\n

\u201cThe recent localised epidemic has had a certain impact on the production and operation of some enterprises, and the overall expansion of the manufacturing industry has slowed,\u201d said Zhao Qinghe, an official at the statistics bureau.<\/p>\n

\u201cThe period before and after the Lunar New Year is also traditionally an off-season for the country\u2019s manufacturing industry,\u201d Zhao said in an accompanying statement.<\/p>\n

The coronavirus outbreak, mostly in the north, is expected to be a temporary restraining factor while China\u2019s vast industrial sector continues to find strength in resilient export demand.<\/p>\n

The official PMI, which largely focuses on big and state-owned firms, showed the sub-index for new export orders stood at 50.2, expanding for the fifth straight month, though down from 51.3 in December.<\/p>\n

Economic indicators ranging from trade to producer prices all suggest a further pickup in the industrial sector.<\/p>\n

A sub-index for small firm activity stood at 49.4 in January, up from December\u2019s 48.8.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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