Growth in manufacturing activity in China stayed in January

Moscow, 31 Jan – “News.Economy.” Business activity in China’s manufacturing sector stopped growing in January, while growth in the services sector accelerated, the National Bureau of statistics of China.

Photo: EPA/YU FANGPING

the Official index of purchasing managers (PMI) for the manufacturing sector fell to a neutral 50 points from the December level of 50.2 points.

a reading below 50 points reflect reducing activity, a higher activity.

New export orders declined again after the first growth in more than a year in December. Indicator production decreased, but remained in expansion territory.

the Total volume of new orders in January grew slightly faster than in the previous month. Businesses continued to cut jobs, albeit at a slower pace.

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the Pace of Chinese growth may fall below 5% in the first quarter due to viruslike coronavirus will harm the economy in I kvartalnie province of China lowered the target growth of GDP for 2020 gadanie at the beginning of the year is traditionally prone to distortion due to celebrate the New year according to the lunar calendar. Many firms are scaling down their activities or closed for a long period on the occasion.

this year the situation is aggravated by the outbreak of a new type of coronavirus. Over the last few weeks in China from a virus killed more than 200 people.

As reported “Vesti.Economy”, the Chinese government has extended new year holiday for three days, until 2 February in an attempt to contain the spread of the virus.

the Authorities have also imposed transport restrictions and strict public health measures that greatly affect the transport and tourism sectors as well as retail trade.

the Growth in the services industry accelerated in January. The official PMI non-manufacturing sektora rose to 54.1 from 53.5 points in December.

However, the National Bureau of statistics warned that the impact of coronavirus not fully reflected in the study and that necessary additional monitoring. Text: News.Economy