Exports and employment are also in sharp contraction. FMTNews China Factory
Workers move fabric rolls at a textile printing and dyeing plant in Hangzhou in eastern China’s Zhejiang province.
The headline number was well off a Reuters poll forecast at 45.7 and even worse than the depths of the financial crisis in 2008-09, underlining the crippling effects of the virus across the country where authorities have imposed tough travel curbs and public health measures to contain the outbreak. “China’s manufacturing economy was impacted by the epidemic last month. The supply and demand sides both weakened, supply chains became stagnant, and there was a big backlog of previous orders,” Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in comments on the survey.
The results underlined fears among global health authorities, policymakers and investors of a potential pandemic and its debilitating impact on the global economy. The anxiety sent financial markets into a tailspin last week with trillions of dollars wiped out of stocks. Those support measures have buoyed business confidence, the private survey found, with the degree of optimism reaching a five year high.
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