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China PMI results show subdued activity

China PMI results show subdued activity

 

China’s factory activity contracted for a fourth straight month in July, albeit at a slower pace, reflecting subdued global and domestic demand.

The official manufacturing purchasing managers’ index (PMI) registered 49.3 this month, up from 49.0 in June, according to a report from the National Bureau of Statistics. The 50-point mark separates a contraction in activity from an expansion.

This extends the sector’s shrinkage since April after a brief uptick early in the year. The latest result is a tick above a Reuters poll, in which economists predicted July’s figure would come in at 49.2.

China’s annualised economic growth in the first quarter expanded by 6.3 per cent, thanks partly to a low base effect as the country shakes off the impact of the Covid crisis. On a quarterly basis however, growth increased by 0.8 per cent, below the 2.2 per cent expansion in the preceding quarter.

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