China's manufacturing activity unexpectedly shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post-COVID lift-off amid subdued global demand and persistent property weakness.
The official manufacturing purchasing managers' index was 49.2, down from 51.9 in March, according to data from the National Bureau of Statistics, below the 50-point mark that separates expansion and contraction in activity on a monthly basis., and marked the first contraction since December last year, when the official manufacturing PMI was at 47.0.in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth.
The Politburo meeting on Friday, where a top decision-making body of the ruling Communist Party discussed the economy, and stressed that restoring and expanding demand is the key to a durable economic recovery.The manufacturing sector, which provides jobs to about 18% of those employed nationwide, remains under pressure due to slack global demand.
Elsewhere, confidence in the property sector, for years a pillar of growth in the world's second-biggest economy, remains fragile. Multiple crisis since mid-2020 have included developers' debt defaults and stalled construction of pre-sold housing projects.pockets of weakness remainDespite the recent strength seen in consumption, the non-manufacturing PMI edged down to 56.4 versus 58.2 in March.
Official data this month showed retail sales growth quickening in March and hitting near two-year highs, but that was off a low-base and there is caution among economists on the sustainability of such strength. The composite PMI, which includes both manufacturing and non-manufacturing activity, dropped to 54.4 from 57.0.Our Standards:
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