Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Ongoing Economic Downturn in China

The Chinese manufacturing industry continued to slow down in September, according to a purchasing managers' index. An index of just under 50 indicates decreased activity.

» Published: 30 September 2024

Ongoing Economic Downturn in China
Photo: Ng Han Guan AP/TT

The manufacturing industry in China has thus had the brakes on since April 2023, with the exception of three individual months. The index rises to 49.8, but is still below the 50-line.

The service sector falls to exactly 50.0 – i.e., neither braking nor expansion.

The weak index figures show how deep and broad the downturn in the Chinese economy has become. China's central bank has announced large stimulus packages since last week, including cuts in interest rates and reduced capital requirements for Chinese banks.

As recently as Sunday, China's central bank also instructed mortgage banks to lower interest rates on mortgages by at least 0.30 percentage points below the interest rate as of October 31.

Two major Chinese cities – Shanghai and Shenzhen – have also eased restrictions on non-resident Chinese citizens buying homes to boost the real estate market.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

New French obstacles for Airbnb
1 MIN READ

New French obstacles for Airbnb

The Government Seeks Support for Those Affected by Northvolt
1 MIN READ

The Government Seeks Support for Those Affected by Northvolt

The regional tax will be raised next year
1 MIN READ

The regional tax will be raised next year

Astra Zeneca's China Chief Arrested by Police
1 MIN READ

Astra Zeneca's China Chief Arrested by Police

More rate cuts - but risk of turmoil with Trump
2 MIN READ

More rate cuts - but risk of turmoil with Trump

Svantesson: Trump's policy may increase inflation
2 MIN READ

Svantesson: Trump's policy may increase inflation

Major Banks Lower Mortgage Rates
1 MIN READ

Major Banks Lower Mortgage Rates

Central Bank Economist: Central Bank Cuts Interest Rate Too Late
2 MIN READ

Central Bank Economist: Central Bank Cuts Interest Rate Too Late

How You Are Affected by Lowered Interest Rates
2 MIN READ

How You Are Affected by Lowered Interest Rates

Thedéen expects turmoil after Trump's victory
2 MIN READ

Thedéen expects turmoil after Trump's victory

Inflation upswing does not threaten interest rate cuts
3 MIN READ

Inflation upswing does not threaten interest rate cuts

The Stockholm Stock Exchange Continues Upwards
1 MIN READ

The Stockholm Stock Exchange Continues Upwards

Most up on Asian stock exchanges
1 MIN READ

Most up on Asian stock exchanges

This is how your wallet can be affected by Trump's victory
2 MIN READ

This is how your wallet can be affected by Trump's victory

Cheerful on Wall Street after Trump win
1 MIN READ

Cheerful on Wall Street after Trump win

Thousand-kronor notes to be picked up when the Central Bank increases the pace
3 MIN READ

Thousand-kronor notes to be picked up when the Central Bank increases the pace

Swish up and running again after disruption
1 MIN READ

Swish up and running again after disruption

Trump's company is soaring on the stock exchange
1 MIN READ

Trump's company is soaring on the stock exchange

Swedish Export Threatened by Trump Victory
2 MIN READ

Swedish Export Threatened by Trump Victory

Sameby's appeal against mining company rejected
1 MIN READ

Sameby's appeal against mining company rejected