China's factory activity contracted at a steeper pace in April, as widespread COVID-19 lockdowns curbed production and disrupted supply chains, an official survey showed on Saturday.
The official manufacturing Purchasing Managers' Index fell to 47.4 in April from 49.5 in March, for a second straight month of contraction, the National Bureau of Statistics said. The 50-point mark separates contraction from growth on a monthly basis.
Dozens of China's major cities are in full or partial lockdowns, including the commercial hub of Shanghai, spurring more analysts to cut growth forecasts for the world's second-largest economy.Reporting by Stella Qiu, Min Zhang and Ryan Woo; Editing by Clarence FernandezSubscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
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