China’s manufacturing activity expanded at a slower pace in March, official data showed, dousing hopes of a strong post-COVID factory recovery amid weaker global demand and a property market downturn. | Reuters
China’s economic activity picked up in the first two months of 2023 as consumption and infrastructure investment drove a recovery after the end of COVID-19 disruptions and retail sales swung back to growth.
Companies face challenges including weak demand, tight availability of capital and high operating costs, and the foundations for an economic rebound need to be further consolidated, NBS said in an accompanying statement. Any fallout from a recent crisis of confidence in the global banking sector could also affect demand for China’s goods, adding to pressure on manufacturers.Official data this week showed the slump in Chinese industrial firms’ profits deepened in the first two months of the year, marking a downbeat start to the recovery.
“The strong momentum will likely continue in the coming months, as the new order index for the service sector continued to rise,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
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