China’s manufacturing and services PMI index contracted in October due to the impact of the lockdowns

China’s National Bureau of Statistics (NBS) reported today that the manufacturing purchasing managers’ index (PMI) fell to 49.2 in October from 50.1 in September.

The services PMI fell to 48.7 in October from 50.6 in September.

An index below 50 means that both the manufacturing and service sectors in China are contracting.

China’s economy was hit hard by the measures taken to contain the spread of COVID-19 and the decline in exports. This was due to weaker demand for Chinese products on the world market.

The Chinese government has announced a new round of lockdown measures to contain the spread of COVID-19, which stretches from Wuhan to China’s east coast industrial routes.

It has suspended school classes and food at a restaurant in Guangzhou, a major manufacturing area in southern China.

In addition, lockdowns continued in several areas of Beijing and Shanghai. At the same time, emergency shelters have been closed and people have been instructed to stay at home if they come into contact with a person infected with COVID-19.

The International Monetary Fund (IMF) warned on Oct. 28 that the sharp slowdown in China’s economy was one of the reasons the IMF had lowered its forecasts for the Asian economy in 2022 and 2023 to 4.0% and 4.3%, respectively, from its original projections of 4.9% and 5.1%.

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