China’s factory activity rose less than analysts expected in November on Tuesday, suggesting Beijing’s stimulus measures are not enough to effectively boost the country’s struggling economy.

The country’s official purchasing managers’ index for December The data released by the Bureau of Statistics was 50.1 National Bureau of Statistics data show.

The reading was below Reuters’ forecast of 50.3. Manufacturing activity in November and October were 50.3 and 50.1 respectively. A PMI reading above 50 indicates expansion in economic activity, while a reading below 50 indicates contraction.

Investors will also be watching the Caixin/S&P Global Manufacturing Purchasing Managers Index, due for release on Thursday.

“For the Chinese economy, 2024 will be remembered as the year of muddling through,” said Larry Hu, chief China economist at Macquarie Group.

“Deflationary pressures persist as policy stimulus is only sufficient to achieve the GDP target but is far from sufficient to reflate the economy,” he added.

After the introduction of a series of stimulus measures, China’s economy has recovered to a certain extent late september.

However, other recent economic data from China suggest that the world’s second-largest economy remains in the throes of deflation, driven largely by tepid consumer demand and a prolonged slump in the housing market.

China consumer inflation drops to lowest level in five months November, at the same time Country’s export and import data Didn’t meet expectations. In addition, the latest Retail sales data also disappointslower than Reuters forecast.

China industrial profits Fall for fourth consecutive month, down 7.3% November compared to the same period last year.

last week, China’s Ministry of Finance announced Next year, fiscal support will be stepped up to promote consumption by expanding the trade-in of old consumer goods and increasing residents’ pension and medical insurance subsidies.

The Chinese authorities also decided Issuing 3 trillion yuan ($411 billion) of special government bonds According to Reuters, fiscal stimulus will be stepped up next year, the largest amount on record.

After Trump enters the White House, China will face greater challenges. Trump’s threat impose higher tariffs Sanctions on Chinese goods could further weaken China’s export sector, which is already dealing with increased trade barriers from the European Union.