China's manufacturing activity fell to its lowest level on record in February as official data, today, confirmed the massive damage the deadly coronavirus epidemic has caused to the world's second-largest economy.
The Purchasing Managers' Index, a key gauge of activity in China's factories, was at 35.7 points, in February, well below the 50-point mark that separates growth and contraction every month. This was the worst level since China began recording the figure in 2005.
The National Bureau of Statistics said the auto and specialised equipment industries were hit hard, but the effect was 'more severe' in the non-manufacturing area.
In a statement, the Bureau said, there was a plunge in demand for consumer industries involving gatherings of people, such as transportation, accommodation, catering, tourism and resident services.