The Chinese economy closed out a bad year with a fittingly lackluster read on factory and services  sector activity.

The official manufacturing PMI for December printed an underwhelming 49, missing estimates in data released Sunday. It was the worst reading in six months and the eighth contraction-territory print in nine.

Although the non-manufacturing gauge came in at 50.4, that was entirely thanks to the construction gauge. The services index was unchanged from November at 49.3, a lackluster showing to be sure, and a print that’ll underscore concerns about domestic demand.

An NBS official said decelerating orders from abroad “coupled with insufficient domestic demand” help explain another poor monthly showing. (You don’t say.)

Meanwhile, it’s worth noting that overseas interest in Mainland Chinese equities was the least enthusiastic on record in 2023.

Net purchases through the links were just CNY44 billion, the least ever.

Do note: The muted 2023 total includes inflows seen during a sharp rally on December 28, when Mainland shares notched one of their best sessions of the year.

Chinese equities were among the worst-performers on the planet in 2023.