Views: 1 Author: Site Editor Publish Time: 2023-01-05 Origin: Site
China's factory activity contracted at a steeper pace in November amid renewed domestic COVID-19 cases and slackening domestic and external demand, adding pressure to the country's slow and bumpy economic recovery, experts said.
They called for more efforts to promote economic growth to a reasonable level, with a key focus on expanding effective demand, spurring consumption and stabilizing the property market.
Given the country's effective measures to stabilize the economy and contain the pandemic, as well as its complete industrial chains and ultra-large domestic market, they believe the country has the ability to cope with economic challenges despite pressures, and the economy will likely gradually stabilize.
Their comments came as data from the National Bureau of Statistics showed on Wednesday that the official purchasing managers index for China's manufacturing sector fell to 48 in November from 49.2 in October. That was the lowest since April.