As China's economy struggles with new COVID-19 restrictions, the country's factory activity has fallen to its lowest level since April.
The Wall Street Journal China bureau chief Jonathan Cheng reacts to escalating protests in China over COVID lockdowns on 'Varney & Co.'that have sparked protests across the country.
The official factory statistics in China revealed that activity fell to its lowest level since April 2022. The Purchasing Managers Index for November dropped from 49.2 in October to 48, according to the BBC. If factory activity falls below the 50-point mark, that is typically an indication of economic contraction rather than growth. Earlier expectations by analysts predicted a dip to only 49, according to Reuters.
Each PMI reading is sequential and changes from month to month depending on the factory output. Recent COVID-19 restrictions in China have damaged global demand as well as caused civil unrest in the world's second-largest economy. Moreover, China's non-manufacturing PMI dropped to its lowest point in seven months, from 48.7 in October to 46.7 in November. This reading represents business sentiment in China's service and construction industry.
The Chinese government's zero-COVID policy sparked thousands of students and others to protest in different city streets across the country, with some even chanting for President
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