(National Bureau of Statistics) China’s manufacturing PMI fell to 50.1% in August, shy off the 50-point mark that separates expansion and contraction. The PMI was below expected 50.2 and July’s 50.4.
Non-manufacturing PMI slipped to the contraction zone at 47.5, down from July’s 53.3. The overall composite PMI that includes both manufacturing and services plunged to 48.9, after expanding by 52.4 in July.
China’s subdued growth was hampered by fresh Covid-19 outbreaks, high material costs, and slowing exports. Beijing’s tough measures on property prices and curbs on carbon emissions also weighed on activity.
Analysts now project further economic support this year, with the government also expected to exercise policy tightening in a few sectors.
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