China's factory activity expanded in July at the slowest pace in 17 months as higher raw material costs, equipment maintenance and extreme weather weighed on business activity, adding to concerns about a slowdown in the world's second-biggest economy.
The official manufacturing Purchasing Manager's Index eased to 50.4 in July from 50.9 in June, data from the National Bureau of Statistics showed on Saturday, but remained above the 50-point mark that separates growth from contraction.
"The most alarming signal is the new export order index, which is at lowest level since July last year," said Zhiwei Zhang, chief economist of Pinpoint Asset Management. Authorities are eager to prevent high factory-gate prices being passed on to consumers, which would only add to current economic headaches as underlying demand remains weak.
China's economy has largely recovered from disruptions caused by the pandemic, with the consumption and service sectors gradually catching up to the improvements in exports and manufacturing.
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