China’s factory sector shrank last month for the first time in more than two years, in the latest sign that the country’s growth slowdown is set to continue after the economy’s weakest expansion in 24 years last year.
The latest reading on the manufacturing sector will strengthen calls for more aggressive monetary and fiscal stimulus to boost the economy. Analysts expect the central bank to cut banks’ reserve requirement ratio twice this year and the finance ministry to permit a larger fiscal deficit.
The government’s official manufacturing Purchasing Managers’ Index fell to 49.8 in January, data released yesterday showed. That was down from 50.1
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