Chinese factory activity rebounds, adding to recovery signs
A survey shows Chinese factory activity rebounded in January, adding to signs the world’s second-largest economy might be recovering from a painful slump
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Chinese factory activity rebounded in January from three months of contraction, adding to signs the world’s second-largest economy might be recovering from a painful slump, an official survey showed Tuesday.
A monthly purchasing managers' index issued by the Chinese statistics agency and an industry group rose to 50.1 on a 100-point scale on which numbers above 50 show activity growing. That was an unusually large gain of 3.1 points from December's 47.
China’s economic growth sank to 2.9% over a year earlier in the final three months of 2022, but economists point to increased investment and improved consumer spending as signs activity is recovering.
Manufacturers have been hurt by lackluster U.S. and European demand for exports after central banks raised interest rates to fight inflation. Chinese consumer demand weakened following COVID-19 outbreaks and a downturn in the real estate industry.
New orders, new export orders, factory activity and employment improved in January, the National Bureau of Statistics and the China Federation of Logistics and Purchasing reported.
That shows “economic recovery momentum is relatively strong,” economist Zhang Liqun said in a statement issued by the two groups.