China manufacturing contracts for fourth straight month
The Peninsula
Beijing: Chinese manufacturing contracted for a fourth consecutive month in August, official data showed Saturday, a worse than expected result reflec...
Beijing: Chinese manufacturing contracted for a fourth consecutive month in August, official data showed Saturday, a worse-than-expected result reflecting the world's second-largest economy's struggle to recover.
China is facing a crisis in its vast real estate sector as well as lackluster confidence among households and businesses, which is hindering consumption, while geopolitical tensions with Washington and the European Union threaten foreign trade.
In August, the Purchasing Managers' Index (PMI) -- a key barometer of industrial output -- stood at 49.1 points, the National Bureau of Statistics (NBS) announced.
This represents a stronger contraction than in July (49.4 points) for the index, which is based in part on company order books.
A figure above 50 indicates an expansion in manufacturing activity, while below that is a contraction.
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