Published October 1, 2024
China’s President Xi Jinping has issued a rallying call to help the private sector and mobilise officials around the nation to prioritise reviving the economy. In an unexpected Politburo meeting on September 26, 2024, top Beijing officials also vowed to help tide over enterprises facing hardships. They encouraged local officials to be bold with moves to boost the economy without worrying about the consequences of making mistakes.
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SOURCE: www.scmp.com
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Employees work on a circuit breaker production line at a factory of an electronics company in Fuyang, in China’s eastern Anhui province on July 30. China’s manufacturing purchasing managers index contracted for the fifth straight month in September, according to official statistics
Published October 1, 2024
The world’s second-largest economy remained on shaky ground last month, one key indicator suggested, with China’s policymakers now pinning their hopes on a sweeping new stimulus package.
Factory production levels may have weakened for the fifth straight month, according to the Chinese statistics bureau’s official Purchasing Managers’ Index (PMI) for September.
The PMI composite index is widely regarded as a barometer of economic activity within the sector. It’s calculated from five weighted sub-indices based on responses from industry purchasing managers in monthly surveys. A PMI reading above 50 indicates industry expansion compared to the previous month, while a score below 50 signals contraction.
The headline PMI for September came in at 49.8, though was a slight improvement over August’s 49.1. Since September 2023, the PMI has only exceeded the critical point during three months, peaking at a modest 50.8 in March.
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