China’s Economy Is Sputtering. Here’s Why

A women through the hole in the billboard in Evergrande Wuhan culture-oriented travel city on Oct. 18, 2021 in Wuhan, Hubei province, China. Evergrande, China's largest property developer, is facing a liquidity crisis with total debts of around $300 billion. The problems faced by the company could affect China’s economy, and the global economy at large. Getty Images

News Analysis

China’s Manufacturing Purchasing Manager Index (PMI) fell by 0.4 percentage points in October to 49.2, according to official figures from the National Bureau of Statistics. The data were worse than expected, with market analysts expecting a figure of 49.7. (Any number below 50 represents a contraction in manufacturing production.)