China's January factory activity contracts

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.1 in January – its lowest level since February 2020, when the economy was still suffering from country-wide Covid-19 lockdowns in the early days of the pandemic.

BEIJING: China’s factory activity contracted at the sharpest rate in 23 months in January, underscoring the huge economic costs from the country’s zero-Covid approach as surging cases and tough containment measures weighed on output and demand, a private survey showed yesterday.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.1 in January – its lowest level since February 2020, when the economy was still suffering from country-wide Covid-19 lockdowns in the early days of the pandemic.