China manufacturing activity drops to near three-year low in December
Chinese manufacturing activity hit a near three-year low in December, according to official data released on Monday.
The National Bureau of Statistics’ official manufacturing purchasing managers’ index printed at 49.4 this month from 50.0 in November, falling short of expectations for a reading of 49.9 and marking the lowest level since February 2016.
Meanwhile, the sub-index for total new orders declined to 49.7 in December from 50.4 the month before, moving into contraction territory and hitting its lowest level since February 2016, while the sub-index for production fell to 50.8 from 51.9 in November.
The country’s official non-manufacturing PMI slipped to 53.8 this month from 53.4 in November.
Mike van Dulken, head of research at Accendo Markets, said the data "may fan the flames of concern about slowing global growth".