November 05, 2024 16:55 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
China’s services sector activity shrinks to 6-month low amid COVID-19 restrictions
China COVID19
Representational image by Stougard via Wikimedia Commons

China’s services sector activity shrinks to 6-month low amid COVID-19 restrictions

| @indiablooms | 07 Dec 2022, 09:24 pm

Beijing: The COVID-19 situation in China has left the service sector shrinking to a six-month low in November, media reports said on Wednesday.

The figure has been showed by a private-sector business survey on Monday.

The Caixin/S&P Global services purchasing managers’ index (PMI) fell to 46.7 from 48.4, marking the third monthly contraction in a row. The 50-point index mark separates growth from contraction on a monthly basis, reports The South China Morning Post.

The figure echoed weak data in a larger official survey on Wednesday, which showed services activity fell to a seven-month low, read the newspaper.

China imposed severe COVID-19 restrictions for the past several months which triggered widespread protests.

Analysts at Nomura estimated that areas in lockdowns accounted for about a quarter of China’s gross domestic product by the end of the month, choking domestic consumption, disrupting supply chains, and even stoking rare street protests across many cities, reports South China Morning Post.

“Since October, the impact of Covid outbreaks has taken a heavy toll on the economy, and the challenge of how to balance Covid controls and economic growth has once again become a core issue,” Wang Zhe, senior economist at Caixin Insight Group, told the newspaper.
 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos