[ICYMI] China factory activity dips to lowest in two years: official data
China's manufacturing output has slumped to its lowest level since February 2020China's manufacturing activity slumped to its lowest level since February 2020, official data showed Saturday, the latest sign of economic pain as Beijing doggedly pursues its zero-Covid response.
Dozens of cities, including economic powerhouses like Shenzhen and Shanghai, have been either fully or partially sealed off in recent months. "The production and operation of... enterprises have been greatly affected," Zhao said, according to an NBS statement that also noted the price indexes for raw materials remain"relatively high".
The Caixin survey, which covers small and medium-sized enterprises, is seen by some as a more accurate reflection of China's economic situation than the official government figures, which more closely track the condition of large state groups.
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