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China's economic recovery loses steam as factory production contracts further | CNN Business

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Factory activity in China slumped to its weakest level since the country ended its zero-Covid policy in December, as its economic recovery continues to lose steam.

Asian markets tumbled following the release of the May data, even as a tentative agreement brokered by US President Joe Biden and House Speaker Kevin McCarthy to raise the US debt ceiling cleared a key hurdle on Tuesday evening. Hong Kong’s stock index dropped the most among regional markets Wednesday and is poised to enter bear market territory, which is defined as a decline of at least 20% from a recent peak. China’s official manufacturing Purchasing Managers’ Index dropped to 48.

Doctors in Beijing have told state media that the proportion of serious complications was low, as was the hospitalization rate. Bearish sentiment Zhang said external demand for Chinese goods was not supportive of economic recovery, as the United States faces the risk of recession. Recent data showed that China’s exports grew 8.5% in April, down sharply from 14.8% in March, indicating global demand was slowing. “The sentiment in the financial market is quite bearish,” he said.

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