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China s factory activity expands at a slower pace in July- official PMI
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China s factory activity in July grows at slowest pace since Feb 2020
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Reuters
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Employees wearing face masks work at a factory of the component maker SMC during a government organised tour of its facility following the outbreak of the coronavirus disease (COVID-19), in Beijing, China May 13, 2020. REUTERS/Thomas Peter
Summary reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=CNPMIB%3DECI Official manufacturing PMI poll data reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=CNPMIC%3DECI Caixin manufacturing PMI poll data
BEIJING, July 30 (Reuters) - China s factory activity likely expanded slightly less quickly in July, a Reuters poll showed on Friday, as the industrial sector s impressive recovery slowed on high raw material prices, government policies, seasonal rainfalls and rising COVID cases.
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A proactive fiscal policy would need to be more effective, with a good handle on the pace of local government bond issuance and budgeting investments so that results can be achieved at the end of this year or the beginning of next year, the Politburo said.
China’s economy has largely recovered from disruptions caused by the coronavirus pandemic, with the industrial sector leading an impressive recovery. However, manufacturers are grappling with new challenges from higher raw material prices, surging logistics costs and global supply chain bottlenecks.
To bolster a slowing economy, the People’s Bank of China (PBOC) in mid-July surprised the market by lowering the reserve requirement ratio (RRR) for banks, releasing around 1 trillion yuan ($154.19 billion) in long-term liquidity.
China industrial profits rise 20per cent y/y in June
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