BEIJING : China's factory activity likely contracted for a third straight month in June, albeit at a marginally slower pace, a Reuters poll showed on Thursday, underscoring the need for further policy stimulus to counter weak demand at home and abroad. The official purchasing managers' index (PMI) is expe
BEIJING : China's factory activity likely contracted for a third straight month in June, albeit at a marginally slower pace, a Reuters poll showed on Thursday, underscoring the need for further policy stimulus to counter weak demand at home and abroad.
An index reading above 50 indicates expansion activity on a monthly basis and a reading below indicates contraction. Nomura has been the most bearish, cutting its forecast for growth in China's gross domestic product this year to 5.1 per cent from 5.5 per cent, adding in a note that its new forecast took account of anticipated stimulus measures.
China's cabinet on Friday pledged to"take more effective measures to enhance the momentum of development, optimise the economic structure, and promote the sustained recovery of the economy", and to do so"in a timely manner".
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