China's May factory gate prices fell by the sharpest rate in more than four years, underscoring pressure on the manufacturing sector as the COVID-19 pandemic reduces trade flows and global demand.
FILE PHOTO: Employees work on a production line inside a Dongfeng Honda factory after lockdown measures in Wuhan, the capital of Hubei province and China's epicentre of the novel coronavirus disease outbreak, were further eased, April 8, 2020. REUTERS/Aly Song
The pandemic has disrupted trade to China’s key export markets including the United States and Europe, heaping further pressure on the outlook for manufacturing investment and jobs in the world’s second-largest economy. Exports contracted in May as global coronavirus lockdowns continued to devastate demand while a deeper fall in imports pointed to mounting pressure on the key manufacturing sector.Beijing has in recent months rolled out fiscal and monetary stimulus to prop up the economy, which contracted for the first time on record in the January-March period.
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