China's manufacturing sector experienced a contraction in the last quarter of 2023, with the Manufacturing Purchasing Managers Index (PMI) dropping by 0.4 points in December. The index, which had shown signs of recovery following Covid-19, continued this trend in the last quarter, surpassing the 50-point growth threshold for the first time in five months in September.
The decline was attributed to challenges, complexities, and uncertainties in the external environment, including a decrease in cross-border orders and insufficient domestic market demand. The non-manufacturing PMI, including services, construction, mining, and agriculture, remained above the growth threshold but showed little change.
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