China's factory activity contracted at a faster pace in November, an official survey showed on Wednesday, weighed down by COVID-19 curbs and softening global demand, underscoring the increasing pressure faced by the world's second-largest economy.
The official manufacturing purchasing managers' index stood at 48.0 against 49.2 in October, the lowest reading in seven months, according to data from the National Bureau of Statistics . Economists in a Reuters poll had expected the PMI to come in at 49.0.
Separately, the non-manufacturing PMI, which looks at service sector activity, fell to 46.7 from 48.7 in October, also the lowest reading in seven months.
The securities regulator earlier this week lifted a ban on equity refinancing for listed firms, in the latest support measure for the cash-squeezed real estate sector. Markets cheered the move, with shares and bonds of Chinese property companies rising.across many cities over the weekend due to the stringent COVID-19 measures.
Analysts from Nomura said in a report on Monday areas and facilities representing some 25.1% of China's total GDP was now under lockdown, up from the previous peak value of 21.2% recorded in April, when Shanghai was under a full-scale lockdown. The official manufacturing PMI largely focuses on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Thursday.
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