A private survey measuring activity in China’s manufacturing industry fell to a two-year low in March, highlighting the impact of tight government measures to eliminate the country’s sweeping Omicron.
The Caixin manufacturing index fell to 48.1 points in March from 50.4 points in February, and was at its lowest level since February 2020.
Both benchmarks for factory production and new orders were at their lowest level since February 2020, when the second-largest economy was hit hard by the pandemic, Caixin said.
The companies that participated in the research pointed out that the government measures to reduce the coronavirus had caused problems in their operation and supply, while they hit the consumer demand.
The index for measuring new export orders fell to its lowest level in 22 months as demand from abroad plummeted and global shipping conditions deteriorated, Caixin said.
Meanwhile, manufacturing shrank from rising inflation exacerbated by the Russia-Ukraine war. Indicators of both import costs and producer prices rose to a five-month high in March.
Source: Capital
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