According to a poll, August saw a decline in Chinese manufacturing due to weak export and consumer demand.
BEIJING (AP) — A poll released on Wednesday revealed that Chinese manufacturing shrank in August due to sluggish export and consumer demand, adding to the downward pressure on the already fragile economy.
According to the national statistics office and an industry association, a monthly index increased from 49 in July to 49.4 in August on a scale of 100 points, although it was still below the 50-point threshold that indicates activity contraction.
The stated annual growth target of 5.5% is being attempted to be restored by the ruling Communist Party, whose economy only grew by 2.5% in the first half of 2022.
.According to Julian Evans-Pritchard of Capital Economics, the numbers "suggest a further decline in economic momentum." In the upcoming months, the economy will find it difficult to advance considerably.
China's consumer demand has been stifled by a decline in real estate activity following Beijing's tightening of regulations on the use of debt by the sector as well as by recurrent closures of industries, stores, and neighborhoods due to coronavirus outbreaks.
Indicators for employment, total orders, and export orders all improved from July but were still in negative territory.
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