China Caixin PMI lags

Thursday, 2 February 2023

Reopening lumpy. Goldman with the Caixin take. Better ahead.

The headline Caixin manufacturing PMI rose to 49.2 in January from 49.0 in December on relaxation of Covid restrictions, albeit the demand remained muted.

Among major sub-indexes, the new orders sub-index rose the most by 1.2 points, followed by the employment sub-index. The NBS and Caixin manufacturing PMIs both increased in January, suggesting improvements in manufacturing sectorconditions amid the backdrop of China’s reopening. But the Caixin manufacturing PMI showed a much more modest decline in December and increase in January.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.