Surveys show China manufacturing demand weak amid trade war
- Country:
- China
Two surveys of Chinese manufacturing show demand is weak amid a mounting tariff war with Washington over trade and technology. A monthly purchasing managers' index released by a business magazine, Caixin, rose to 50.4 from July's 49.9 on a 100-point scale on which numbers above 50 show activity increasing.
That indicates "renewed improvement" but said a gauge of new orders fell to its lowest level this year, the magazine said. A separate survey released Saturday by an industry group, the China Federation of Logistics & Purchasing, showed activity declining to 49.5 from July's 49.7.
It said market demand was "relatively weak". Chinese exporters are struggling in the face of U.S. tariff hikes. Exports to the United States, their biggest market, fell 6.5 percent in July.
Washington and Beijing stepped up their fight on Sunday by imposing additional tariffs on billions of dollars of each other's goods. Beijing has propped up economic growth by boosting government spending on construction. Economic growth sank to 6.2 percent over a year earlier in the quarter ending in June, its lowest level in at least 26 years.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- AP
- Beijing
- Washington
- Chinese
- magazine
- exporters
- industry group
- Caixin
- SCY
ALSO READ
Taiwan detects 14 Chinese military aircraft, six naval vessels around nation
Billie Jean King Cup 2024: Indian women's tennis team beat Chinese Taipei 2-1
"PM Modi should answer on Chinese encroachment": Sharad Pawar over Katchatheevu row
US State Secy Blinken speaks to Turkish, Chinese, Saudi counterparts on avoiding escalation in Middle East
Blinken spoke to Turkish, Chinese, Saudi Arabian counterparts on avoiding escalation in Middle East