China's factory activity contracts faster pace in November

Beijing's factory activity fell at a faster pace in November, an official survey showed on Wednesday November 30 that COVID 19 curbs and softening global demand have weighed down the pressure on the world's second-largest economy.

The PMI for manufacturing purchasing managers was at 48.0 against 49.2 in October, the lowest reading in a seven month period, according to the National Bureau of Statistics NBS Economists in a Reuters poll.

The PMI on non-manufacturing manufacturing, which looked at service sector activity, fell to 46.7 from 48.7 in October, the lowest reading in seven months.

The 50-point mark separates contraction from growth on a monthly basis.

China's economy, already under pressure from a property slump and weakening global demand for Chinese goods, experienced a slowdown in October, adding to concerns about growth in the last quarter of 2022, according to concerns about growth in the last quarter of 2022.