China’s manufacturing shrank for a third month in December as export demand fell, suggesting an economic slump is worsening despite government efforts to shield the country from global turmoil, according to data reported Sunday.A key indicator, the Purchasing Managers Index, edged up from November’s all-time low but stood at 41.2, below the 50 level that shows activity is shrinking, the government-sanctioned China Federation of Logistics and Purchasing said.
Manufacturing is about 40 percent of China’s economic output, and a drop in demand for its exports has triggered thousands of factory closures. That has prompted protests by laid-off workers, and communist leaders worry more job losses could fuel unrest.
The index of new export orders stood at 30.7, showing a severe contraction, according to the logistics group. Exports fell in November for the first time in seven years and analysts expect more weakness in December when monthly figures are reported this month.
The index is based on a survey of 700 manufacturers across China.
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