Pantheon Economics with the note:
Stability and the Easing of Stagflation Risk in China
Chinese growth stabilised in November, as one crisis ended, and the policy response to another gained traction. The official manufacturing PMI rose to 50.1 in November, from 49.2 previously, handily beating consensus expectations, while the nonmanufacturing survey was broadly stable at 52.3, from 52.4 in October. Manufacturing is unsurprisingly faring better with a consistent energy supply, and construction is receiving some support from government infrastructure spending, offsetting the Covid drag on services.
