China’s Economy Likely Contracted Last Quarter, Beige Book Says
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China’s manufacturing, services and property sectors all weakened sharply in the fourth quarter due to Covid disruptions, resulting in a potential contraction in the economy in the final months of the year, a private survey shows.
Indexes measuring profits, sales and employment at manufacturing and services companies slumped in the last three months of 2022 from the previous quarter and a year ago, China Beige Book International said Monday. The results are based on a survey of 4,354 businesses conducted last quarter.