China's factory activity growth misses expectations as experts decry insufficient stimulus measures [CNBC]
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Source: CNBC
China's November factory activity growth missed analysts' expectations Tuesday, signaling that Beijing's stimulus measures were not sufficient to meaningfully boost the country's ailing economy. The country's official purchasing managers' index for December came in at 50.1, data released by the National Bureau of Statistics data showed The reading missed Reuters' expectations of 50.3. Manufacturing activity came in 50.3 in November and 50.1 in October. A PMI reading above 50 indicates expansion in activity, while a figure below that points to contraction. Investors will also be monitoring the Caixin/S&P Global manufacturing purchasing manager's index slated to release on Thursday. “For the Chinese economy, the year of 2024 will be remembered as a year of muddle-through,” said Larry Hu, Macquarie Group's chief China economist. “Deflationary pressures have persisted as policy stimulus is just enough to hit the GDP target, but far from enough to reflate the economy,” he added.
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