Via Capital Economics:
Weaker-than-expected PMIs highlight the downside risks to growth this year
• A sharp decline in the official manufacturing PMI this month suggests that the survey data may finally be responding to the slowdown in growth shown on our China Activity Proxy late last year. And although a recovery looks possible in the short-run as the anti-pollution campaign winds down, the risk is still that the economy fares worse this year than is generally expected.
