China's factory activity shrank more slowly in January after Beijing lifted tough COVID curbs late last year which helped ease pressure on manufacturers though infections among workers hampered production, a private sector survey showed on Wednesday.
Economists said the faster-than-forecast "exit wave" of COVID-19 infections suggests that the worst of the economic slump has passed. They expect the world's second-largest economy to rebound in the first and second quarters, although long-term issues in the property sector and weakening external demand will drag on the growth outlook.
In particular, companies said staff resignations and absences due to COVID infections weighed on headcount, while insufficient staffing contributed to a renewed upturn in backlogs of work.
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