China’s industrial growth, which began in the country a year ago, has slowed markedly since the crisis caused by the coronavirus pandemic. According to the Purchasing Managers’ Index (PMI) released by the Chinese State Statistics Office on Saturday, July 31, the figure fell to 50.4 points in July. In June, it was 50.9 points.
A PMI level above 50 indicates growth in the industrial sector. The current figure is the lowest since February 2020, when China began to introduce consistently periods of hard lockdown to stop the spread of coronavirus.
Why has China’s industrial growth slowed?
The slowdown in industrial growth in China has contributed to rising raw material prices and logistics costs, delays in world trade, and natural disasters, including floods in central China.
At the same time, analysts expected that the reduction in industrial growth in the country will be minimal and in July the index of procurement managers will be about 50.8 points.
An important role was played by the indicator of industrial exports, which is calculated in PMI by a special article. In China, it fell for three consecutive months and reached a level of 47.7 points in July.
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