Reuters: China’s official PMI expected to contract in Dec
The survey showed that China’s official PMI is expected to increase to a reading of 49.7 from November, when the official PMI released by the National Bureau of Statistics hit the lowest level seen since August 2012, declining to a reading of 49.6. Any reading below 50 represents a contraction.
Analysts commented that despite recent recoveries in the housing sector and auto sales, overcapacity issues, weak domestic and external demand and deflationary pressures continue to weigh down the country’s manufacturing activities.
According to the People’s Bank of China (PBOC), the Chinese economy will grow 6.9% this year, slower than the previous year’s growth rate of 7.3%. In 2016, meanwhile, China’s economic growth is expected to slow further to 6.8%.
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