China manufacturing activity grows at slower pace in January

BEIJING (AP) — An official measure of manufacturing activity in China showed weaker growth in January while a private survey showed a contraction of activity in the world’s second largest economy. China is battling multiple COVID-19 outbreaks across the country and has implemented strict lockdowns that affected multiple sectors in the economy. The purchasing manager’s index, tracked by the National Bureau of Statistics, slipped to 50.1 in January from 50.3 the previous month, continuing a third month of weak growth. A separate PMI by the business magazine Caixin showed on Sunday that manufacturing activity contracted from 50.9 in December to 49.1 in January.