China has always been seen as a role model when it comes to the growth of the economy, but this could change in a few years as the nation has seen a slowdown in its economy for the first time in the last three decades which is something, although the slowdown number is also way better than what the best economies are putting out the Chinese want it to be top-notch and they are making huge changes to the economy to give back its status of the amazing growth.
What cost the most to the Chinese economy is the trade war with the United States as the global economy was slowing down. The Chinese are known for their imports and especially the exports that they make as their manufacturing sectors are one of the best in the world. But the manufacturing and exports took a huge hit amid the trade war and the situations of Hong Kong have also adversely impacted the economy. China’s manufacturing sector is a key contributor to the economic growth of the nation and with this sector failing there seems like China is headed for a huge crash as the numbers are falling for a consecutive three or four months. The manufacturing purchasing managers’ index (PMI), released by the National Bureau of Statistics (NBS) on Thursday, stood at 49.3 in October, down from 49.8 in September.
These statistics show that the nation is still in trouble and in desperate need of good reforms to revive the economic growth that it has lost in the past year.
Tags : Manufacturing ,