China’s official statistics revealed that the manufacturing sector had fallen to 49.5 points in April, compared with 50 points in March, falling below the 50-point limit between growth and contraction.
Factory activity contracted for the first time since January on the back of a slowing economic recovery after coronavirus infections peaked at the beginning of this year.
China’s economy grew at the fastest pace in the last quarter, driven largely by consumer spending after the country lifted coronavirus restrictions.
Many major banks now expect GDP growth this year to exceed 5%, which exceeds Beijing’s target growth.
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