China's official manufacturing survey showed factory activity grew marginally in September, beating expectations for a reading of 49.6 in a Reuters poll of economists, and coming in above the 50-point mark that separates contraction from growth.
The official survey showed non-manufacturing PMI falling to 50.6 in September from 52.6 in August. The official composite PMI, which includes manufacturing and services, fell to 50.9 from 51.7.also released on Friday showed factory activity contracted at a sharper pace in September, with indexes for output, new orders and employment all declining due to weak demand. The Caixin survey typically covers smaller, export-oriented companies.
" export order index eased further ... pointing to weakening external demand as the monetary policy tightening has brought in recession concerns in the developed economies," said Zhou Hao, chief economist at Guotai Junan International.
Source: Financial Digest (financialdigest.net)
They are a bigger country with stricter covid protocols. It’s not rocket science
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