Factory activity in China is expected to have contracted for the third month in ...
BEIJING - Factory activity in China is expected to have contracted for the third month in a row in July, a Reuters poll showed, underlining the intensifying strains on the world’s second-biggest economy from a protracted trade war with the United States.
“A cooling property market, suppressed by official policy, and a slowing global economy have further knocked China’s manufacturing sector last month,” said Nie Wen, economist at Hwabao Trust. Some manufactures have cut this year’s sales target as clients delay purchase orders in a wait-and-see approach, while others have already relocated their production capacity to neighboring countries to avoid the tariff hit.
In a row that has dragged on for more than a year, the world’s two largest economies have slapped billions of dollars of tariffs on each other’s imports, disrupting global supply chains and shaking financial markets. Market watchers believe the People’s Bank of China is more likely to follow any U.S. Federal Reserve rate cut that is widely expected this week by trimming its key short-term money market rates, instead of cutting its benchmark policy rate for the first time in four years.
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