Key indicator plunges in HK; govt to help SMEs

The widely watched Production Managers Index (PMI) for Hong Kong, provided by Caixin and IHS Markit, has plunged to its lowest reading since the financial crisis of 2009. This indicates that the economy is on course for its first recession in a decade, as business activity is increasingly disrupted by “protest-related paralysis”. 

As the report says: “Worries that both the US-China trade dispute and the local political situation will worsen in coming months, meanwhile, saw sentiment about the outlook plunge to the lowest since data on expectations were first collected in 2012.”

Read more on HIS Markit’s website.

Meanwhile, the government is not waiting around for the criticism. It has launched a program to help SMEs get access to credit. China Daily has the patriotic details.

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