[ad_1]
Factory activity in China in June contracted for a third month, official data released June 30, 2023 show. Weak China economic data in April and May have fanned calls for economic stimulus for the world’s second-largest economy.
Future Publishing | Future Publishing | Getty Images
China’s factory activity in June contracted for a third month, deepening the gloom over weak growth in the world’s second-largest economy and likely inflaming calls for further stimulus.
The official manufacturing purchasing managers’ index (PMI) came in at 49.0 in June — compared to 48.8 in May and 49.2 in April, according to data from the National Bureau of Statistics released on Friday.
The data was in line with market expectations as economists polled by Reuters were predicted a reading of 49.0.
A reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction.
The CSI300 index of the largest Shanghai and Shenzhen-listed listings reversed losses to rise 0.1% in early Friday trade, while the Hang Seng Index was flat.
Economic growth in April and May was weaker than expected, intensifying calls for more decisive monetary measures to support China’s growth, as a much-anticipated post-Covid rebound disappointed.
However, Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5% — a modest target after China grew just 3% last year, one of the weakest showings in nearly half a century.
— This is breaking news. Please check back for updates.
[ad_2]
