A separate survey released by the Chinese statistics agency and an industry group declined by 0.8 points to 51.1 but still was above the 50-point mark showing activity growing. A sub-index of production fell 1.7 points to 52.2.
That suggests “growth momentum will wane this year,” Julians Evans-Pritchard of Capital Economics said in a report.
Chinese manufacturing and consumer spending have rebounded to above pre-pandemic levels, but the recovery is slowing. Economic growth in the first three months of 2021 slowed to 0.6 per cent over the previous quarter.
The sub-index for new export orders in the April survey by the statistics bureau and the China Federation of Logistics & Purchasing declined 0.8 points to 50.4.
That might “reflect a delayed response to the COVID recovery in the US and in Europe,” Iris Pang of ING said in a report. “We should see some improvements in export orders as COVID continues to subside in these major export markets.”
News Source: finanicalexpress