China’s economy ended the year in a major slump as business and consumer spending plunged in December, with more disruption likely in the first few months of the year as COVID-19 infections surge across the country.
Official data over the weekend showed the decline in manufacturing worsened last month, while activity in the services sector plunged the most since February 2020.
Separately, a private survey of businesses by China Beige Book International on Monday suggests the economy contracted in the fourth quarter from a year earlier.