China's factory activity unexpectedly shrank in June as domestic and export...
BEIJING, July 1 - China’s factory activity unexpectedly shrank in June as domestic and export demand faltered, a private sector business survey showed on Monday, pointing to further strains on its vast manufacturing sector as the Sino-U.S. trade war drags on.
Leaders of the United States and China agreed at the G20 summit in Japan over the weekend to restart trade talks, giving investors some cause for optimism, though analysts say the lack of any substantive agreements from the meeting mean China’s economic woes are likely to persist. The survey finding was in line with an official gauge on factory activity published on Sunday, which showed manufacturing contracted at a faster-than-expected pace.
The Caixin survey’s new orders sub-index - which measures new work both from home and abroad - fell sharply to 48.8 from 50.7 in the previous month. That’s despite a sustained economic support program that began early last year, ranging from higher infrastructure spending to tax cuts to a spate of measures aimed at keeping struggling smaller firms afloat.
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