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HomeeconomyChina EconomyGrowth slows in China’s factory, services sectors with demand still weak

Growth slows in China’s factory, services sectors with demand still weak

EconomyChina Economy

Growth slows in China’s factory, services sectors as economy struggles to find footing: Caixin PMI

Some signs of stabilisation after policy efforts but property, jobs and exports slumps still weighServices supply and demand expands at slower-than-expected pace in SeptemberChina's economic recoveryReutersPublished: 11:54am, 1 Oct, 2023Why you can trust SCMP

China’s factory activity expanded at a slower pace in September, a private-sector survey showed on Sunday, with sluggish external demand weighing on the outlook even as output increased.

The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 50.6 in September from 51.0 in the previous month, missing analysts’ forecasts of 51.2. The 50 index point mark separates growth from contraction.

The world’s second-largest economy is showing some signs of stabilising after a flurry of modest policy measures, but the outlook is clouded by a property slump, falling exports and high youth unemployment.

The survey comes a day after China released its official PMI, which showed factory activity expanded for the first time in six months in September, adding to the run of indicators suggesting the economy has begun to bottom out.

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