Business News Asia
China’s National Bureau of Statistics (NBS) reported yesterday that the manufacturing purchasing managers’ index fell to 49 in July from 50.2 in June.
Economic activity in China’s manufacturing sector contracted in July after rising in June for the first time in four months as China eased its foreclosure measures.
The contraction was pressured by a new wave of COVID-19 epidemic and the global stagnation trend worsening Chinese manufacturers.
The PMI for the services sector fell to 53.8 in July from 54.7 in June.