Posted 12/31/2023, 3:59:35 AM
China Manufacturing Slumps for 3rd Month, Non-Manufacturing Marginally Better But Economy Still Struggling
- China's manufacturing PMI falls for 3rd straight month to 49 in Dec, missing forecasts and suggesting continued economic weakness
- Readings below 50 indicate contraction; challenges include weak overseas orders, insufficient domestic demand, tough external environment
- Non-manufacturing PMI improves slightly to 50.4 in Dec, but business activity subindex unchanged at 49.3
- For 2024, China expected to target GDP growth of around 5% again, requiring more supportive policies
- Structural economic issues persist, dragging down China’s potential growth despite hopes of cyclical recovery