China's factory sector shrank the most in 32 months in November on signs of domestic economic weakness, a preliminary PMI survey showed, reviving worries that China may be slipping toward a hard landing and fuelling fears of a global recession.
The steep fall in the HSBC flash purchasing managers' index (PMI) to 48 in November from 51 in October largely reflected domestic weakness as both output and new orders shrank even as export orders continued to grow.
The flash PMI, the earliest readout of China's industrial activity, was the lowest since March 2009 and suggests the factory sector contracted during the month. A PMI reading of 50 demarcates expansion from contraction.
Read the rest at The Huffington Post (Retuers article)
China's Slowing Factory Production Fuels Fears Of Global Recession
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ReplyDeleteThe Chinese do not have the neoliberal elite framing the political discussion on erroneous notions of the public deficit.
ReplyDeleteFears of a Chinese meltdown are overblown. They will have no compulsion running a large fiscal deficit and/or nationalizing defective private financial institutions.
Interesting to see if they learn quicker than their western counterparts. Reining in the private financial sector before the financiers totally corrupt their public institutions.
Not that the Chinese public servants don't abuse power though.