BEIJING (Reuters) – China’s factory activity contracted at a faster pace in November, an official survey showed on Wednesday, weighed down by softening global demand and COVID-19 restrictions, underscoring the added pressure faced by the world’s second-largest economy.
The official manufacturing purchasing managers’ index (PMI) stood at 48.0 against a 49.2 reading in October, the National Bureau of Statistics (NBS) said. Economists in a Reuters poll had expected the PMI to come in at 49.0.
The 50-point mark separates contraction from growth on a monthly basis.
(Reporting by Liangping Gao and Ryan Woo; Editing by Muralikumar Anantharaman)
