Surveys show Chinese economy growing but at modest pace

📆 7/1/2024 12:02 PM
📰 AP

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Surveys of Chinese factory managers show a mixed outlook for the world's No. 2 economy, with growth steady but not picking up much steam. The official purchasing managers index compiled by the China Federation of Logistics and Purchasing remained at 49.5 in June on a scale up to 100, where 50 marks the cut off for expansion.

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 PMIs for June were mixed but on balance suggest that the recovery lost some momentum last month,” Capital Economics said in a report. “This shows that the transformation and upgrading of China’s manufacturing industry has continued to advance,” Zhao was quoted as saying.

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Surveys show Chinese economy growing but at modest paceSurveys of Chinese factory managers show a mixed outlook for the world's No. 2 economy, with growth steady but not picking up much steam.
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