The Purchasing Managers’ Index (PMI) in Chinese industrial sector, which showed a decline in October, continued to move in the same direction as the results of November demonstrate. According to the report of the National Bureau of Statistics of the People’s Republic of China, PMI in November amounted to 49.4, and in October PMI was 49.5 (A PMI above 50 signifies expansion, while below 50 indicates contraction).
Dan Wang, Chief Economist at Hang Seng Bank China, believes that the Chinese domestic market cannot make up for losses in trade with Europe and the USA. According to the expert, the Purchasing Managers’ Index is not likely to be restored in the near future, given the severe economic problems.
Ting Lu, Chief China Economist at Nomura Bank, expressed his opinion that we should expect “another economic dip towards end-2023 and spring 2024”.