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China's economic woes deepen as factory activity shrinks for the 4th straight month in January

Posted on February 5, 2024 |

China's factory activity contracted for the 4th consecutive month in January, indicating persistent economic challenges.

The official manufacturing purchasing managers index for January was 49.2, slightly above December's 49 but still below the 50-mark, signifying contraction in the economy.

Non-manufacturing activity, which includes construction and services sectors, saw a reading of 50.7 in January, showing improvement from December's 50.4 and aligning with economist expectations.

Despite government stimulus measures, such as increased long-term cash for banks and tightened rules on share lending, China continues to face economic difficulties.

Analysts anticipate Beijing's announcement of an ambitious growth goal for 2024 in March during the national legislature meeting.

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