China's factory activity is expected to have contracted further this month, piling pressure on the economy as COVID restrictions hit production and exports fell despite a flurry of stimulus policies, a Reuters poll showed on Monday.
"This would lead to an increased level of uncertainty over the degree of political risk in China, spilling over into damaged confidence and hence consumption in an already weakened economy," Moody's said of the protests in a note to clients.
China's economy is poised to miss the "around 5.5%" full-year government growth target with gross domestic product expanding just 3% in the first three quarters of this year. Chinese advisers say they will recommend a modest growth target for 2023 ranging from 4.5% to 5.5% to an annual policymakers' meeting in December.
The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Wednesday. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Thursday. Analysts expect a headline reading of 48.9 from 49.2 in October.
Polling by Veronica Khongwir and Maneesh Kumar; Reporting by Liangping Gao and Ryan Woo; Editing by Shri Navaratnam
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