Chinese factory activity declines in April on weak global consumption

China's manufacturing activity contracted in April due to weak global demand, while services and construction still show expansion. The post-Covid recovery faces deeper challenges and calls for continued policy support.

April 30, 2023 . 12:49 PM

1 min read

China's manufacturing PMI contracted to 49.2 in April, below expectations and indicating a slowdown in global demand for goods.
Non-manufacturing PMI was at 56.4, still indicating expansion in services and construction.
China's post-Covid recovery has lost steam, with the economy facing deeper challenges such as a property sector crackdown and fading export markets.
Politburo calls for continued policy support and targeted fiscal and monetary policies to boost consumption of services and increase incomes.
Nomura forecasts continued pressure on China's export industries.