Manufacturing expansion in China slows in July
Beijing, China - China’s manufacturing activity faltered in June, official data showed on Monday, as experts warn of a slowdown in the world’s second largest economy.
China registered steady growth during the first half of the year with stronger-than-expected gross domestic product and exports growth, but the positive momentum will be hard to maintain as the country looks to adopt stricter financial regulations aimed at controlling the country’s debt-fuelled investments.
The latest purchasing managers’ index, a gauge of factory conditions, came in at 51.4 in July, the National Bureau of Statistics said, down from the 51.7 reading in June. Anything above 50 is considered growth while a figure below points to contraction. Analysts surveyed by Bloomberg News had expected a reading of 51.5. Expansion in supply and demand has slowed down due to extreme weather across the country.