China’s factory activity expands at slower pace in August -official PMI By Reuters


© Reuters. FILE PHOTO: A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory, as the country is hit by the novel coronavirus outbreak, in Hangzhou, Zhejiang province, China March 2, 2020. China Daily via REUTERS

BEIJING (Reuters) – China’s factory activity expanded at a slower pace in August as coronavirus-related restrictions and high raw material prices pressure manufacturers in the world’s second largest economy.

The official manufacturing Purchasing Manager’s Index (PMI) was 50.1 in August from 50.4 in July, data from the National Bureau of Statistics (NBS) showed on Tuesday.

The 50-point mark separates growth from contraction. Analysts had expected it to slip to 50.2.

China staged an impressive recovery from a coronavirus-battered slump, but growth has recently shown signs of losing momentum due to domestic COVID-19 outbreaks, slowing exports, tighter measures to tame hot property prices and a campaign to reduce carbon emissions.

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