BEIJING, Oct 31 — Factory activity in China plunged more than expected in October, official data showed Sunday, suggesting the industrial sector continued struggling as it grappled with tight power supply and surging raw material costs.
This marks the second straight month in which China’s PMI has dipped below the 50-point mark separating growth from contraction. Although the country’s PMI contracted when the spread of Covid-19 — which first surfaced in the central city of Wuhan — forced most business activity to a halt, life has largely returned to normal as strict measures brought the outbreak under control.
Both the production and new-order indexes were in contraction, pointing to a weakening in supply and demand, senior statistician Zhao Qinghe said in a statement.
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