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China’s manufacturing hits 28-month low in January

by ChemOrbis Editorial Team - content@chemorbis.com
  • 03/02/2015 (11:10)
According to data from China’s National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing, the country’s manufacturing hit a 28-month low in January. The official manufacturing purchasing index (PMI) declined to a reading of 49.8 in January, dropping below 50 for the first time since October 2012. Any figure below 50 indicates a contraction.

Analysts attributed the persistent slowdown in the country’s manufacturing sector to falling commodity prices and sluggish market demand as well as the upcoming Chinese New Year holiday and other seasonal factors.

A separate manufacturing PMI compiled by HSBC and Markit Economics also retreated to a reading of 49.7 on a seasonally adjusted basis from an initially estimated reading of 49.8. In December, HSBC’s final PMI was reported at a reading of 49.6.

In 2014, China’s economic growth slowed to a 24-year low of 7.4%, falling below the government’s economic growth target of 7.5%.
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