Expansion of Chinese manufacturing activity slowed for the third month last month, as production, new orders and purchasing prices all declined, a survey showed yesterday.
The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index (PMI) fell to 51.2 last month from 52.1 in June. Numbers above 50 show manufacturing activity expanding.
The index has remained above 50 for 17 straight months after slowing in late 2008 and early last year. It was 53.9 in May and 55.7 in April.
Areas such as production, new orders and purchasing prices all declined, a summary of the survey posted on the federation’s Web site said. Meanwhile, the employment index was up.
The slowdown was expected given efforts to cool property prices by tightening credit, and tapering off of government-backed stimulus spending. Economic growth slowed to 10.3 percent over a year earlier in the second quarter, down from 11.9 percent first quarter pace.
The slowdown might weaken the global recovery if it cuts Chinese demand for imported iron ore, industrial machinery and other foreign goods.
“The foundation for investment and export growth is not steady enough. There is a possibility that the speed of growth in those areas could decline by a large margin,” the summary quoted government analyst Zhang Liqun (張立群) as saying.
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