KURE - China factory growth stalls amid ongoing property downturn and global financial uncertainty

2023-04-03 01:49:53 ET

• The Caixin China General Manufacturing PMI unexpectedly fell to 50.0 in March 2022 from February's 8-month peak of 51.6, missing market forecasts of 51.7.
• The latest result highlighted growing doubts about the strength of Chinese recovery momentum, amid ongoing property downturn and global financial uncertainty.
• Both output and new orders rose at softer paces while foreign sales and employment fell.
• Meanwhile, buying activity rose modestly for the second month. At the same time, improved supplier capacity and stock availability supported an improvement in vendor performance.
• Finally, sentiment remained highly upbeat. "The foundation for economic recovery is not yet solid. Looking forward, economic growth will still rely on a boost in domestic demand," said Dr. Wang Zhe, Senior Economist at Caixin Insight Group.
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