China factory activity shrinks for 3rd straight month | The Malaysian Insight

China factory activity shrinks for 3rd straight month

China’s National Bureau of Statistics says the official manufacturing Purchasing Managers’ Index came in at 49.0, below the 50-point mark that separates expansion and contraction. – AFP pic, June 30, 2023.

ACTIVITY in China’s factory sector contracted for a third straight month in June, official data showed today, signalling a patchy recovery in the world’s number two economy as global demand and raw material prices slumped. The reading comes as the government faces calls to unveil fresh measures to kick-start growth, which has slowed in the second quarter as the post-Covid lockdown rally rebound runs out of steam.

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