Chinese industrial activity shrinks for third month in a row
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In June, China’s industrial activity index (PMI) was 49 points. Such data today, June 30, published National Statistics Office of China. A PMI below 50 reflects a slowdown in activity, making Chinese manufacturing activity slow for the third month in a row. The June figure was in line with the forecasts of analysts polled by Reuters. The index of non-industrial activity in June amounted to 53.2 points – this is the worst result since the beginning of the year.
Many experts believe that the goal set by the Chinese authorities for this year – GDP growth of 5% – is rather modest, especially considering that last year, GDP grew by only 3% amid lockdowns. In the first quarter after the lifting of covid restrictions, the Chinese economy showed good growth, however, according to economists, this momentum cannot be maintained in the second quarter.
“The economic momentum in China is still quite weak. The latest data show that the global economy is slowing down, which is likely to put additional pressure on demand in the external market in the coming months,” said Zhang Zhiwei, president of Pinpoint Asset Management, an investment company.
Read about the situation in China in the material “Kommersant” “Foreign policy economy comrade”.
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