Surveys show Chinese economy growing but at modest pace

Chinese riding bicycle pass by a local business building the in background in Beijing, China, Friday, June 28, 2024. Surveys of Chinese factory managers showed a mixed outlook for the world's second-largest economy in June, with growth steady but not picking up much steam. factory managers showed a mixed outlook for the world's second-largest economy in June, with growth steady but not picking up much steam.

The surveys offered scant insight into whether various measures to boost the property sector, such as cutting mortgage interest rates and down payments, have had much impact on an industrywide slump that followed a crackdown on excessive borrowing by developers. The official PMI reading for high-tech manufacturing rose to 52.3 in June from 50.7 in May, reflecting the government's drive to boost investment in upgrading factories and equipment in new industries such as

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