Survey: China manufacturing weakens in July
BEIJING (AP) — A survey shows China’s manufacturing weakened in July amid cooling domestic economic growth and rising trade tension with Washington.
The China Federal of Logistics & Purchasing said Tuesday its monthly purchasing managers’ index declined to 51.2 from June’s 51.5 on a 100-point scale on which numbers above 50 show activity expanding.
The group said measures for output and new orders declined while the export index was unchanged at 49.8 on the same 50-point scale.
Forecasters have expected Chinese industrial activity to weaken since regulators started tightening controls last year on bank lending to rein in surging debt.
Adding to economic pressures, Washington and Beijing have raised import duties on billions of dollars of each other’s goods in a dispute over technology policy.