China Manufacturing Contracts For Fourth Straight Month
PAY ATTENTION: Flexible Payment Plans Available! Invest in Yourself & See the Return with Our Affordable Copywriting Course!
Chinese manufacturing contracted for a fourth consecutive month in August, official data showed Saturday, a worse-than-expected result reflecting the world's second-largest economy's struggle to recover.
China is facing a crisis in its vast real estate sector as well as lackluster confidence among households and businesses, which is hindering consumption, while geopolitical tensions with Washington and the European Union threaten foreign trade.
In August, the Purchasing Managers' Index (PMI) -- a key barometer of industrial output -- stood at 49.1 points, the National Bureau of Statistics (NBS) announced.
This represents a stronger contraction than in July (49.4 points) for the index, which is based in part on company order books.
A figure above 50 indicates an expansion in manufacturing activity, while below that is a contraction.
Analysts surveyed by Bloomberg had anticipated a decline in August -- but a more moderate one of 49.5.
PAY ATTENTION: Click “See First” under the “Following” tab to see TUKO News on your News Feed
China's post-COVID recovery has been brief and less robust than expected.
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly real estate, a key growth driver.
The non-manufacturing PMI, which includes services, was in positive territory in August at 50.3 points compared with 50.2 a month earlier.
From being the world's workshop for cheap products, China is undergoing a transition in its growth model, attempting to become essential for future hi-tech industries, including artificial intelligence.
In mid-August, China released a series of economic indicators deemed disappointing despite recent government measures aimed at trying to boost growth.
In July, demand for bank loans contracted for the first time in nearly 20 years, according to official figures, also indicating a slowdown.
Source: AFP
DJ Fatxo Defends Bishop Kiengei Amidst Church Drama, Shares Photos: "Najua Nitapigwa"
Winnie Bwire's Dad Narrates Daughter's Painful Journey With Cancer, Shares Burial Details
Nandi: Loud Screams As Nandi MCAs Exchange Blows In Chambers After Heated Argument
A worker on a production line at a printing and packaging factory in Qingzhou, eastern China. Manufacturing contracted for a fourth straight month in August, official data shows
China manufacturing contracts for fourth straight month in Jan
China manufacturing contracts for a 4th straight month in January, ET BFSI
