China’s manufacturing activity drops despite lifted Covid restrictions

- World - December 31, 2022
Hafsa Mustafa from GCU Lahore.

Beijing: China’s manufacturing activity contracted sharply in December for the third month in a row, according to official figures released on Saturday, despite Beijing’s loosening of Covid restrictions at the beginning of the month. The Purchasing Managers’ Index (PMI) came at 47 points, down from November’s 48 and well below the 50-point mark separating growth from contraction, according to data from the National Bureau of Statistics.