China Manufacturing Weakens to Two-Year Low
31 October 2018, 20:28
An official measure of China’s manufacturing activity fell to a two-year low in October, adding to pressure on Beijing to shore up economic growth amid a tariff war with Washington.
The monthly purchasing managers’ index issued Tuesday by the National Bureau of Statistics and an industry group, the China of Logistics and Purchasing, fell to 50.2 from September’s 50.8 on a 100-point scale.
Export orders weakened but the biggest impact was from cooling domestic demand after Beijing tightened lending controls to rein in a debt boom.
Forecasters said the slowdown suggests Beijing will need to ease lending controls further and take other steps to shore up economic growth.