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BEIJING - Activity in China’s factory sector rose in December as the world’s second-largest economy sustained its recovery to pre-pandemic levels, a business survey showed on Monday, however, increasing cost pressures slowed the pace of expansion.
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The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 53.0 from November’s 54.9, with the gauge staying well above the 50-level that separates growth from contraction but missing expectations and easing to the softest pace in three months.
Analysts polled by Reuters had forecast the headline reading would slip to 54.8.
CHINA WARNS OF RETALIATION FOR NYSE'S DELISTING OF COMPANIES
China’s vast industrial sector has staged an impressive recovery from the coronavirus shock thanks to surprisingly strong exports. The economy is expected to expand around 2% for the whole of 2020 – the weakest pace in over three decades but much stronger than other major economies still struggling to contain infections.
However, tougher coronavirus control measures in many of its key trading partners in the west could dent industrial demand, weighing on the recovery.