Coronavirus: China Manufacturing Collapse Confirmed as Private Sector Factory Survey Hits Record Low

Caixin/Markit manufacturing purchasing managers index (PMI) plunged to 40.3 in February from 51.1 in January

by SCMP Reporter
South China Morning Post

A collapse in China’s manufacturing sector in February was confirmed on Monday, with a new survey of privately-owned producers emphasising the economic damage caused by the coronavirus epidemic.

The Caixin/Markit manufacturing purchasing managers’ Index (PMI), a gauge of sentiment among the country’s smaller factory operators, plunged to 40.3 in February from 51.1 in January.

The weak data will reinforce expectations that China could report negative growth in the first quarter of 2020 for the first time since the Cultural Revolution in the late-1960s and early-1970s. It will also renew calls for Beijing to take more aggressive steps to support the economy.

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