Beijing-China’s factory sector expansion slowed in June, with supply bottlenecks curbing production while export demand weakened, official data showed Wednesday.
Equally worried is China’s persistent delay in post-pandemic backlash that Beijing policymakers want further economic growth as recent coronavirus outbreaks have again hindered consumer spending. Service department.
There are signs of weakness in both respects as economists have lowered expectations for the world’s second-largest economic growth. In recent weeks, Morgan Stanley and Barclays have, among other things, downgraded China’s GDP forecast to less than 9%. This is due to the impact of rising raw material prices on production and weaker consumption than expected.
China’s National Bureau of Statistics said Wednesday that the official Manufacturing Purchasing Managers Index fell slightly from 51.0 in May to 50.9 in June.
The gauge was higher than the Wall Street Journal polled economist’s median forecast of 50.7, surpassing the 50 mark that separates expansion and contraction for 16 consecutive months. But it marked the worst reading in 4 months.
Chinese economy flashes weakness hints
Source link Chinese economy flashes weakness hints