China's official PMI slips to 50.3 in November, below forecast
[BEIJING] Growth in China's factory sector slowed more than expected in November, a government study showed on Monday, underlining the challenges facing the sector as manufacturers fight rising costs and softening demand in a cooling economy.
The official Purchasing Managers' Index (PMI) slipped to 50.3 in November from October's 50.8, but remained above the 50-point level that separates growth from contraction on a monthly basis.
Analysts polled by Reuters had forecast a reading of 50.6.
China's economy grew 7.3 per cent in the third quarter of this year, its slowest pace since the global financial crisis, and risks missing its official annual target for the first time in 15 years, adding to concerns the world's second-largest economy is becoming a drag on global growth.
After months of more modest stimulus measures, China cut interest rates unexpectedly on Nov 21, stepping up efforts to support the economy as it heads towards its slowest expansion in nearly a quarter of a century, saddled under a mountain of debt.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’