China's manufacturing activity fell to its lowest level on record in February as official data on Saturday confirmed the massive damage the deadly coronavirus epidemic has caused to the world's second-largest economy.
The Purchasing Managers' Index , a key gauge of activity in China's factories, was at 35.7 points in February, well below the 50-point mark that separates growth and contraction every month. It was the first official economic indicator published for the month of February, showing the crushing impact of the epidemic on China's economy -- with fallout likely to be seen around the world.The National Bureau of Statistics said the auto and specialised equipment industries were hit hard, but the effect was"more severe" in the non-manufacturing area.
"The reality could be worse due to a big distortion to the manufacturing PMI data," Lu Ting, chief China economist at Nomura, said in a research note. The government has encouraged companies to progressively return to work as the number of new cases has been generally dropping in the past 10 days. "The question now is how fast or how safe can people return to work. But a March improvement is likely."
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