China's factory activity contracted at a steeper pace in April as widespread COVID-19 lockdowns halted industrial production and disrupted supply chains, raising fears of a sharp economic slowdown in the second quarter that will weigh on global growth.
Some analysts are even warning of rising recession risks, saying policymakers must provide more stimulus to reach an official 2022 growth target of about 5.5%.
Authorities have promised more help to shore up confidence and ward off further job losses in a politically sensitive year. "While these messages are positive, the key is about the specific policies and their implementation," Zhiwei Zhang, president and chief economist of Pinpoint Asset Management said in a client note on Friday.
But such projects take time, and Beijing is seen as wary of another massive stimulus programme such as its spending of 4 trillion yuan during the global financial crisis in 2008 and 2009 that created a mountain of debt.
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