China's manufacturing PMI down in December

The purchasing managers' index (PMI) for China's manufacturing sector came in at 47 in December 2022, down from 48 in November, data from the National Bureau of Statistics showed Saturday.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

The sub-index for large enterprises stood at 48.3 percent in December, down 0.8 percentage points from the previous month.

The sub-index for production stood at 44.6 in December, down 3.2 percentage points compared to the previous month. Demand in the manufacturing market also declined, with the sub-index for new orders dropping 2.5 percentage points from a month earlier to 43.9.

Saturday's data also showed that the PMI for China's non-manufacturing sector stood at 41.6 in December – down from 46.7 in November.