China’s Manufacturing Decline Reveals Limits of Stimulus, Threatening Global Stability

The latest data from the National Bureau of Statistics reveals a troubling reality: China’s manufacturing activity contracted for the second consecutive month in November, with the purchasing managers’ index (PMI) slipping to 49.4—just below the critical 50-point mark that separates expansion from contraction.Despite Beijing’s aggressive stimulus measures—including increased infrastructure spending and interest rate cuts—the persistent weakness highlights a fundamental issue: China’s economy is not recovering as robustly as their officials claim. New orders and employment indicators are also declining, signaling that demand remains sluggish. This downturn is not just a problem for China; it sends ripples that directly affect American...