China’s manufacturing activity contracted for a fifth straight month in August, but at a slower-than-expected pace, an official factory survey showed on Thursday, maintaining pressure on Beijing to step up policy support for the stuttering economy.
The official purchasing managers’ index (PMI) rose to 49.7 from 49.3 in July, according to the National Bureau of Statistics, staying below the 50-point level demarcating contraction from expansion. The reading was above a forecast of 49.4.
The Chinese economy risks missing Beijing’s annual growth target of around 5% as it contends with a worsening property slump, weak consumer spending and tumbling credit growth, leading major banks to downgrade their growth forecasts for the year.
Source: VOA
