Growth in China's factory activity faltered in January, an official survey ...
BEIJING - Growth in China’s factory activity faltered in January, an official survey showed, as export orders fell and an outbreak of a new virus added to risks facing the world’s second-largest economy.
While the PMI showed activity in some parts of the sector holding up, economists are doubtful the survey provides a meaningful read on the economy given recent developments with the coronavirus and distortions from the Lunar New Year break. “The figure certainly overrates the economic outlook as it does not reflect the interruption due to the outbreak,” he said.
Many firms scale back operations or close for long periods around the holidays, which began on Jan. 24 this year. This year, China’s government extended the Lunar New Year holidays to limit the spread of the virus. However, the NBS warned the impact of the coronavirus is not fully reflected in the survey and that more observation was needed.
Economic growth in China slowed to 6.1% last year, the weakest pace in nearly three decades, amid a bruising trade war with the United States and despite Beijing’s stimulus to boost sluggish investment and demand.
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