China’s factory activity contracted more than expected in October, shrinking for a second month, an official survey released on Sunday showed.
- China’s factory activity contracted more than expected in October, shrinking for a second month, an official survey released on Sunday showed.
- The official manufacturing Purchasing Managers’ Index for October came in at 49.2, falling below the 50 level which separates expansion from contraction.
- Zhang Zhiwei, chief economist at Pinpoint Asset Management, said the production index has dropped to the lowest level since it was published in 2005, excluding the 2008 global financial crisis and the Covid-19 outbreak in February last year.
- In contrast, the output price index has risen to the highest level since it was published in 2016, Zhang said.
- “These signals confirm that China’s economy is likely already going through stagflation,” he said in a note on Sunday.
SOURCE: CNBC
Political | Process 
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