China’s economy started the New Year on a weaker note and slowed more than expected due to a new wave of epidemics, while demand was particularly hard hit, the Wall Street Journal reported Monday.
China’s official manufacturing purchasing managers’ index (PMI) fell back to 51.3 in January, down from 51.9 in December and below the median estimate of 51.5 given by economists surveyed by the Wall Street Journal, the report said.
The report also said the PMI data released Sunday gave a first glimpse of the economic damage caused by the recent new outbreak of the Xin Guan (Chinese Communist Party virus) in northern China, the worst wave of the Epidemic in the country since the first wave broke out in Wuhan about a year ago. The latest wave of the outbreak has infected hundreds of people with the virus and restricted the movement of millions of people.
The resurgence of the outbreak and the resulting restrictions have depressed factory activity and slowed the recovery of China’s service sector, according to the analysis.
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