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China’s December Manufacturing Activity Up Despite COVID-19 Outbreak

Economic Indicators Dec 30, 2021 09:45PM ET
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By Gina Lee

Investing.com – Chinese factory activity rose in December, in a surprise move as the country attempts to curb its latest COVID-19 outbreaks.

Data from the National Bureau of Statistics (NBS) released earlier in the day showed that the manufacturing Purchasing Manager’s Index (PMI) increased to 50.3 in December, up from the previous month’s reading of 50.1. Forecasts prepared by Investing.com predicted a 50 figure.

Meanwhile, the non-manufacturing PMI rose to 52.7 from November’s 52.3.

Economic recovery in the world’s second-largest economy has lost steam since early summer 2021, after an initial strong recovery in 2020. Slower manufacturing growth, a debt-ridden property sector and resurgence of COVID-19 outbreaks all contributed to this slowdown.

"We expect more liquidity and targeted stimulus packages to be rolled out to support SMEs, high-tech and innovation firms, advanced manufacturing and green industries in order to alleviate the burden on companies, secure growth, reduce risks and offset the slowdown," China Renaissance Securities Head of Macro and Strategy Research Bruce Pang told Reuters.

On the COVID-19 front, Zhejiang province brought a small-scale outbreak under control, but some firms were forced to suspend production. The western city of Xi’an remains under lockdown to curb its outbreak., with the move impacting factory activity in the city. Two of the world’s largest memory-chip manufacturers, Samsung Electronics (OTC:SSNLF) Co. Ltd. (KS:005930) and Micron Technology Inc., (NASDAQ:MU) warned that the lockdown could affect their chip-making activities in the area.

Investors now await the Caixin manufacturing and services PMIs, due next week.

China’s December Manufacturing Activity Up Despite COVID-19 Outbreak
 

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