Official data: China’s manufacturing activities improved in July but remained weak
New order subindex, however, rose to 49.5 in July from 48.6 in June, while the new export order subindex fell to 46.3 from 47.2 the month before.
Chinese manufacturing activities picked up slightly in July but remained in the contracted territory for the fourth consecutive month, data from the National Bureau of Statistics (NBS) showed.
The official manufacturing purchasing managers’ index (PMI) rose to 49.3 points in July from 49 points in June while the non-manufacturing PMI, which consists of readings for the service and construction sectors, posted the lowest reading for the year, at 51.5 compared to 53.2 in June, 54.5 in May and 56.4 in April.
A statement released by senior NBS official, Zhao Qinghe, gives light on the current obstacles Chinese enterprises face such as the complicated external environment, drop in overseas orders and insufficient demand.
New order subindex, however, rose to 49.5 in July from 48.6 in June, while the new export order subindex fell to 46.3 from 47.2 the month before.
Construction activity for July inched down 4.5% as detrimental weather conditions derailed the sector. Julian Evans-Pritchard, head of China at Capital Economics suggested that fresh policy supports should inspire better readings but with officials expressing caution, any noteworthy acceleration will most probably be frugal.