Wednesday 23 November 2011



China's manufacturing activity slumped to its lowest level in 32 months in November, banking giant HSBC said Wednesday, renewing fears the Asian powerhouse is losing steam amid global economic woes.

The news comes just days after Vice Premier Wang Qishan, China's top finance official, gave a dire warning that the global recession was here to stay and would impact the export-dependent economy due to weakening external demand.

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