BEIJING : China's manufacturing activity contracted for a third straight month in June, albeit at a slower pace, an official factory survey showed on Friday, as pressure builds for policymakers to release more stimulus to shore up weak demand.The official purchasing managers' index (PMI) was at 49.0 from
BEIJING : China's manufacturing activity contracted for a third straight month in June, albeit at a slower pace, an official factory survey showed on Friday, as pressure builds for policymakers to release more stimulus to shore up weak demand.
Analysts have begun downgrading economic forecasts for China's economy for the rest of the year, after May industrial output and retail sales data missed expectations, a sign the post-pandemic recovery seen in the first quarter was losing steam. The government has set a modest GDP growth target of about 5 per cent for this year after badly missing its 2022 goal.Addressing a World Economic Forum summit in Tianjin on Tuesday, China's Premier Li Qiang reiterated that Beijing will take steps to boost demand, but stopped short of unveiling any concrete policies.
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