International Dire Xi Jinping! There’s Bad News from China News – 1 hour ago

Jakarta, CNBC Indonesia – China’s factory activity contracted in November for the second month in a row. This adds pressure on the government to provide more support to the sluggish economy.

In data released by the National Bureau of Statistics, Thursday (30/11/2023), the manufacturing purchasing managers’ index, which is the main measure of factory output, fell to 49.4.

The figure was down slightly from October and also weaker than the 49.8 forecast in a Bloomberg survey.

China began lifting strict restrictions on the zero Covid-19 rule in December 2022 after nearly three years. This condition allows the economy to recover.

However, this recovery has been hampered by weak consumer and business confidence, a prolonged housing crisis, high unemployment among young people, and a global slowdown that has weighed on demand for goods from the Bamboo Curtain country.

After a tough year for the world’s second-largest economy, there has been little change in recent weeks, with third-quarter growth greater than expected at 4.9%.

Even so, Beijing still faces an uphill battle to achieve its annual target of around 5%.

[Gambas:Video CNBC]

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New Bad News from China, New Signs of a Sluggish Economy