China’s factory activity expanded at the fastest pace in nearly a decade in July as domestic demand continued to improve after the coronavirus crisis, though export orders and employment remained weak, a private business survey showed on August 3.The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 52.8 last month from June’s 51.2, marking the sector’s third consecutive month of growth and the biggest jump since January 2011. It also beat analysts’ forecasts for a more modest improvement of 51.3. The 50-mark separates growth from contraction on a monthly basis.The generally upbeat findings echoed an official survey on July 31, adding to evidence that the world’s second-largest economy is getting back to its feet faster than expected from the coronavirus shock, which has now been largely brought under control.Close “The supply and demand sides both improved, with relevant indicators maintaining strong momentum,” Wang Zhe, senior economist at Caixin Insight Group, wrote in a note accompanying the Caixin survey release. related news Commerce Ministry may hike import duty on APIs by up to 25% Maharashtra needs permanent infectious diseases hospital: CM Uddhav Thackeray Samsung Electronics to halt production at its last computer factory in China “We still need to pay attention to… Read full this story
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