China’s factory activity contracted for a third straight month in July, leaving the economy on a weak trajectory that’s frustrating Beijing’s efforts to sustain faster growth. The official manufacturing purchasing managers’ index hit 49.4, the National Bureau of Statistics said Wednesday.
China’s factory activity contracted for a third straight month in July, leaving the economy on a weak trajectory that’s frustrating Beijing’s efforts to sustain faster growth.
“The PMIs contribute to evidence of weak growth in China. Domestic consumption is weak whereas the exports are also facing headwinds from external markets,” said Woei Chen Ho, an economist at United Overseas Bank Ltd. In a statement accompanying the data, NBS analyst Zhao Qinghe said manufacturing activity decreased because July is typically an off-season for production and there were “insufficient market demand and extreme weather such as high temperature and floods in some localities.”
“The Politburo meeting yesterday did not signal a significant change of policy stance in second half of the year. Without a meaningful change of fiscal policy stance, the growth outlook largely depends on how long the strong export growth can continue,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nine days in July in America; hard times in ChinaFirst word
Read more »
Palestinian factions, including Hamas and Fatah, to meet in China in JulyLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Why is the China Coast Guard’s biggest ship still in Escoda Shoal?The 'monster' China Coast Guard ship has been anchored near Escoda Shoal since early July 2024
Read more »
Eight years on from the Arbitral Award – adherence to international law as important as everTomorrow, 12 July 2024, marks the eighth anniversary of the landmark South China Sea Arbitral Award.
Read more »
HEADLINES: China ship taunts PH vessel in Escoda ShoalHEADLINES: China ship taunts PH vessel in Escoda Shoal | July 7, 2024
Read more »
HEADLINES: China urges PH to stabilize tiesHEADLINES: China urges PH to stabilize ties | July 4, 2024
Read more »