Overcoming Manufacturing WOES

Since mid-March this year,sporadic COVID-19 cases have popped up in many areas across China.At the same time,the protracted Ukraine crisis has led to rising risks and challenges,and congestion in the supply chain has led to further declines of new orders.Delayed delivery and rising costs on a global scale have resulted in not only a grim situation for small and medium-sized enterprises,but also major pressure on large-scale enterprises.

(SITTHINAN SAENGSANGA)

From March to May,the Manufacturing Purchasing Managers’ Index (PMI) was 49.5,47.4,and 49.6 percent respectively,consistently below the 50-point mark indicating economic expansion.The manufacturing economy has continued to shrink.The manufacturing sector is an important foundation and support for economic development as well as an important means for stabilizing employment and moving towards the middle-and high-end of the industrial chain and value chain.The fundamentals of the Chinese economy,characterized by strong resilience,enormous potential,and long-term sustainability,remain unchanged,with a strong momentum and a large space for recovery holding strong.However,all of the difficulties affecting the transformation and development of the manufacturing sector,whether short,medium,or long-term,demand attention.