Construction sector activity in China for July was its weakest since COVID-19-related workplace disruptions dissipated around February, data from the National Bureau of Statistics showed
China’s manufacturing activity fell for a fourth straight month in July while the services and construction sectors teetered on the brink of contraction, official surveys showed on Monday, threatening growth prospects for the third quarter.
The official manufacturing purchasing managers’ index inched up to 49.3 in July from 49.0 in June, staying below the 50-point mark that separates expansion from contraction. “The sharp fall in construction activity is a worrying sign of a potential death spiral in the property sector,” said Xu Tianchen, senior economist at the Economist Intelligence Unit.
China will implement macro adjustments to the economy “in a precise and forceful manner” and strengthen counter-cyclical adjustments, as the government sticks with prudent monetary policy and pro-active fiscal policy, the Politburo was quoted as saying. Many analysts say policy-makers may be reluctant to deliver any aggressive stimulus to boost domestic consumption, however, due to worries about growing debt risks, despite the urgency of the task.
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