Further confirmation that the boom times are over in China, with word that manufacturing there contracted in January at its fastest pace in almost three-and-a-half years.
The world’s second largest economy is under severe pressure with
companies’ output suffering through falling prices and overcapacity in
key sectors including steel and energy.
The only scrap of good news was that factory activity deteriorated at a slightly slower pace than in December.
In addition services – which have been a crucial source of growth
and jobs for China over the past year – recorded a slight slowdown in
growth.
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Source: Euronews
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