China: losing the technology race with the U.S. & the goal of manufacturing powerhouse falling apart

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The Beijing government reported on Dec. 31 that manufacturing and service sector activity in December fell to the lowest level since February 2020. According to a media group in China, the Caixin Purchasing Managers' Index, which measures a composite indicator of China's manufacturing activity, showed a reading of 49 in December 2022, the lowest level since last September and down from 49.4 in November 2022. This is the fifth consecutive month of decline in the index. An index below 50 indicates contraction, while one above 50 indicates expansion. This suggests that China's problems will undoubtedly ripple throughout the supply chain and affect the global economy.

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