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With weaker global demand and a slowdown in domestic investment, growth in China’s manufacturing sector slightly moderated in August, new data showed Monday.
The purchasing managers’ index (PMI) came in at 51.1 in August, down from July’s 51.7, according to data released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
“The August PMI was significantly reduced, showing there is downward pressure in current economic activity,” said a government economist Zhang Liqun, in the Chinese federation’s report.
China posted 7.4 per cent economic growth in the first half of the year, below last year’s 7.7 per cent growth rate.
Source: Agencies
