Official data released June 30, 2023 showed that factory activity in China in June fell for a third month. China’s weak economic data for April and May has fueled calls for stimulus for the world’s second-largest economy.
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China’s manufacturing activity in June fell for a third month, deepening the gloom over weak growth in the world’s second-largest economy and potentially stoking calls to more stimulating.
The official Manufacturing Purchasing Managers’ Index (PMI) came in at 49.0 in June — compared with 48.8 in May and 49.2 in April, according to data from the National Bureau of Statistics released on Wednesday. Six.
The data was in line with market expectations as economists polled by Reuters had predicted a reading of 49.0.
A reading above 50 indicates an expansion in activity, while a reading below it indicates contraction.
The CSI300 index of the largest listings in Shanghai and Shenzhen reversed losses to increase 0.1% early Friday, while the index Hang Seng Index was flat.
economic growth in April And Maybe weaker than expected, strengthen calling more assertive monetary measures to support China’s growth, as the much-anticipated post-Covid recovery has been disappointing.
However, Chinese Premier Li Qiang said Tuesday his country is still on track to hit an annual growth target of around 5% — a modest target after China grew just 3% last year, one of the weakest in nearly half a century. .
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