China's manufacturing activity seen extending decline in July: Reuters poll
BEIJING - China's factory activity likely shrank for a third month in July, a Reuters poll showed on Monday, keeping alive expectations officials will need to release further stimulus as a protracted property crisis and job insecurity drag on growth.
The world's second-largest economy grew much slower than expected in the second quarter, with the consumer sector a particular cause for concern. Retail sales growth sank to an 18-month low as deflationary pressures forced businesses to slash prices on everything from cars to food to clothes. Solid Chinese exports have provided some support to factory managers in recent months and propped up progress towards the government's growth target of around 5%, but as a growing number of trade partners mull import tariffs, the jury is out on whether that boost can be sustained.
Depressed domestic consumption is closely related to falling property valuations that have left families feeling poorer as 70% of household wealth is in real estate.Analysts expect the government to implement another round of property-supporting policy measures after a meeting of the Politburo, a top decision-making body of the ruling Communist Party, expected to take place this week.
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