Policymakers have promised to boost demand this year, especially consumption.
But spending in other major economies has lost steam due to surging interest rates aimed at taming inflation, which is hurting China’s exports, which were a rare bright spot for its economy during the pandemic era.
An official factory activity survey showed a sub-index of new export orders has remained in contraction territory for 20 consecutive months. The figure declined to 44.2 in December from 46.7 in November. The 50-point mark separates contraction from growth on a monthly basis.
Employment in the massive manufacturing sector is under pressure too, according to the survey, likely due to muted production levels and difficulties sourcing workers amid the virus outbreaks, according to analysts.
Economists expect the world’s second-largest economy to pick up from the second quarter, underpinned by stronger consumption and increased state outlays on infrastructure projects. But a recovery in the country’s embattled property market could take much longer.
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