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Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account The PMI readings, along with other mixed economic signals, including robust holiday travel and muted property market activities, “will likely keep the pressure on the government to continue its supportive fiscal and monetary policies in Q2”, said Zhiwei Zhang, chief economist at Pinpoint Asset Management. The composite PMI, which includes manufacturing and non-manufacturing activity, dropped to 54.4 from 57.0.
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While policy support measures have helped improve conditions in the industry, pockets of weakness remain and a full recovery appears some way off.ĭespite the recent strength in consumption, the non-manufacturing PMI edged down to 56.4 versus 58.2 in March.ĭata showed retail sales growth quickening in March to near two-year highs, but that was off a low base and economists are cautious on the sustainability of such strength. Multiple crises since mid-2020 have included developers’ debt defaults and stalled construction of pre-sold housing projects. It's way too lowĬonfidence in the property sector, for years a pillar of China’s growth, remains fragile. Hao Qunying/VCG/Getty ImagesĬhina has an inflation problem. New export orders edged down to 47.6 from 50.4 in March, the PMI showed.Ĭustomers shop for vegetables at a supermarket on Jin Handan, Hebei Province of China. “A lack of market demand and the high-base effect from the quick manufacturing recovery in the first quarter” were among factors that led to the contraction in April, said senior NBS statistician Zhao Qinghe. The Politburo, a top decision-making body of the ruling Communist Party, on Friday stressed that restoring and expanding demand is the key to a durable recovery and cautioned the current improvement is mainly restorative “with weak momentum and insufficient demand.” Slowing prices and surging bank savings are raising doubts about demand. The world’s second-biggest economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. Mark Schiefelbein/APĬhina's economy shakes off Covid legacy to grow 4.5% in Q1 Commuters cross an intersection in the central business district during the morning rush hour in Beijing, Tuesday, April 18, 2023.
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