Worryingly China’s July Manufacturing PMI Contracts

China has released its July Purchasing Managers Index for manufacturing which shows the sector has contracted from 50.2 in June to 49 in July.

Data released by the National Bureau of Statistics also indicated the non-manufacturing sector also facing a similar contraction with July coming in at 53.8 down from 54.7, both these results would put the Chinese economy on alert as the recovery theme could be jeopardised.

Covid-19 lockdowns continue to be affecting factory output with Beijing still adamant about its Zero Covid Policy, but policy makers are willing to forgo the GDP targets of around 5.5% as it prioritises the Zero Covid policy.

According to World Economics, the lockdown measures affected 41% of Chinese factories in July.

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