China's factory activity shrank for the third month in a row in July, an of...
BEIJING - China’s factory activity shrank for the third month in a row in July, an official survey showed, underlining the growing strains on the world’s second-biggest economy as the Sino-U.S. trade war hits business profits, confidence and investment.
Deteriorating global demand saw export orders shrinking for the 14th month, the survey showed, though the sub-index ticked up fractionally to 46.9 from June’s 46.3. In a row that has dragged on for more than a year, the world’s two largest economies have slapped billions of dollars of tariffs on each other’s imports, disrupting global supply chains and shaking financial markets. That has prompted central banks from South Korea to Australia to South Africa to cut rates, with the U.S. Federal Reserve also widely expected to ease later on Wednesday for the first time since the global financial crisis.
The pressure on the manufacturing sector and weakening profits have prompted analysts’ warnings of a further period of stress for China before growth is expected to stabilize or recover.The survey also showed small and mid-sized manufacturers fared worse than last month, while activity in larger companies, many of which are state-controlled, jumped back to expansion territory in July. That suggests policymakers’ efforts to support the private sector are yet to bear fruit.
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