Business
China factory activity slows, adding to economic strains
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.
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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 percent over a year earlier in the three months ending in March, from the previous quarter’s 2.9 percent. Growth will have to accelerate in coming quarters to hit the ruling Communist Party’s annual target of “around 5 percent.”
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