China's factory activity expanded at the fastest pace in nearly a decade in July as domestic demand continued to improve after the coronavirus crisis, though export orders and employment remained weak, a private business survey showed on Monday.
BEIJING - China’s factory activity expanded at the fastest pace in nearly a decade in July as domestic demand continued to improve after the coronavirus crisis, though export orders and employment remained weak, a private business survey showed on Monday.
It also beat analysts’ forecasts for a more modest improvement of 51.3. The 50-mark separates growth from contraction on a monthly basis. Growth rebounded in the second quarter after a record contraction in the first quarter, but analysts are looking for signs that the recovery is being fuelled by more than just temporary, pent-up demand and state-led stimulus.[ECILT/CN]
Many manufacturers are still facing reduced or cancelled overseas orders, and the re-imposition of virus restrictions in parts of the United States and other countries could slow down a global recovery.
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