A survey shows China’s factory activity has decelerated in May, adding to signs its economic rebound after the end of anti-virus controls is slowing
FILE - Workers install window panels on a minibus at a factory during a media organized tour in Shiyan city in central China's Hubei Province on May 10, 2023. A survey Wednesday, May 31, 2023 showed China's factory activity decelerated in May, adding to signs its economic rebound after the end of anti-virus controls is slowing. (AP Photo/Andy Wong, File)
The Associated Press
BEIJING -- China's factory activity decelerated in May, a survey showed Wednesday, adding to signs its economic rebound after the end of anti-virus controls is slowing.
A monthly purchasing managers' index issued by the national statistics agency and an industry group declined to 48.4 from April's 49.2 on a 100-point scale on which numbers below 50 show activity declining.
Chinese manufacturers have been hurt by weakening global demand after central banks in the United States, Europe and Asia raised interest rates to cool inflation.
At home, Chinese consumer spending revived after anti-virus curbs on travel and business activity were lifted in December. But the recovery has been weaker than expected.
Economic growth accelerated to 4.5% over a year earlier in the three months ending in March, from the previous quarter’s 2.9%. Growth will have to accelerate in coming quarters to hit the ruling Communist Party’s annual target of “around 5%.”
