China's manufacturing growth momentum resilient despite Jul softening
The purchasing managers' index (PMI) for manufacturers stood at 49.3 in July, down from 49.7 in June, according to the National Bureau of Statistics (NBS).
The manufacturing industry entered its traditional low season, compounded by high temperatures and extreme weather events, including heavy rain and flooding in some regions, said senior NBS statistician Zhao Qinghe.
Despite softening slightly in July this year, China's manufacturing sector's underlying growth momentum stayed resilient, with improving business confidence and emerging industries gaining traction. The manufacturing PMI was 49.3 in July, down from 49.7 in June. Industrial sentiment also showed notable improvement as the business expectation index climbed to 52.6â€'up from 52 in June.
Despite the overall decline, several sub-indexes pointed to a positive trajectory, Zhao said.
Industrial sentiment also showed notable improvement as the business expectation index climbed to 52.6—up from 52 in June.
Other bright spots included a sustained expansion in the production index, a continued price recovery and steady growth among large enterprises, a state-controlled news agency reported.
Manufacturing profits in June grew by 1.4 per cent year on year (YoY), a sharp reversal from the 4.1-per cent decline in May.
Fibre2Fashion News Desk (DS)
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