Manufacturing growth in China is slowing, while retail businesses are struggling as Covid-related restrictions take their toll, according to China Beige Book.
Manufacturing, one of the main drivers of China's growth since the pandemic began, saw slower growth in the first quarter, according to an independent survey by U.S.-based China Beige Book.
It's another sign that China's economy may not benefit as much from overseas demand as Covid control policies diverge. China's use of swift lockdowns in early 2020 helped the country quickly reopen businesses while much of the world struggled to contain the virus and resume normal business activity. Retail businesses saw double-digit year-on-year declines in the rate of revenue and profit growth, as well as a slowdown in hiring, the China Beige Book survey found."Manufacturing is clearly in better shape but revenue, profit, and new domestic order growth are all slower than Q1-2021," the report said.
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