Saturday, September 23, 2023

STORY: There was more unwelcome news for China’s slow economic recovery on Monday (July 31), which has already been described as “tortuous” by a top decision-making body in the Communist Party.

Official data showed factories are still not as busy as they should be, with manufacturing activity falling for a fourth straight month in July.

The services and construction sectors are also teetering on the brink of contraction.

The official manufacturing purchasing managers’ index inched up to 49.3.

That’s still below the 50-point mark that separates expansion from contraction.

Beijing is under mounting pressure to do more to boost the economy, as a post-lockdown recovery appears to lose steam.

Feeble growth numbers were reported earlier this month showing the economy growing at a snail’s pace in the second quarter.

China’s leaders have pledged to step up support focusing on boosting domestic demand and confidence.

But analysts warn that if the economy loses any more momentum, a modest growth target of around 5% could be missed for a second year in a row.


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