China’s Official PMI Drops To 49.8 In January


China’s official PMI, the bellwether of large industrial firms, declined to 49.8 in January, the first time since September 2012 that it  dropped to below the benchmark level of 50, according to data released by China’s National Bureau of Statistics.

The output sub-index fell by 0.5 percentage points to 51.7, indicating that industrial production remained weak, according to a report by Australia and New Zealand Bank.

The new order sub-index declined by 0.2 percentage points to 50.2.

"We found that almost all the provinces have lowered the growth target for this year at the local People’s Congress, and Shanghai has even scraped the growth target, reflecting the commitment to push forward the structural reforms," says Liu Ligang Liu, Greater China Chief Economist of ANZ, in the report.

China Expert network
 
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