China’s manufacturing activity fell for a third consecutive month in July, according to an official survey, increasing pressure on policymakers to speed up stimulus measures to boost the world’s second-biggest economy.
The country’s official manufacturing purchasing managers’ index came in at 49.4 for last month, in line with a Bloomberg poll of analysts’ forecasts and down from 49.5 in June. A reading above 50 marks an expansion compared with the previous month.
China’s politburo this week called for faster implementation of a stimulus programme, and the central bank has cut interest rates as the government tries to meet its economic growth target of 5 per cent for this year.
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