China's factory activity shrank more than expected in June, an official sur...
BEIJING - China’s factory activity shrank more than expected in June, an official survey showed on Sunday, highlighting the need for more economic stimulus as U.S. trade tariffs ramped up pressure on the world’s second-largest economy.
The indicators will also spark concerns about stalling growth in China and the risk of a global recession, despite slightly better-than-expected export and industrial profits data in May. In June, China’s factory output growth slowed, with the subindex falling to 51.3 from 51.7 in May while the contraction in total new orders accelerated to 49.6 from 49.8.
Presidents Donald Trump and Xi Jinping’s held ice-breaking talks in Japan on Saturday. However, Chinese state media warned on Sunday Beijing and Washington will likely face a long road before the two countries could reach a deal. To deal with the economic challenges, policymakers have released a range of stimulus and are expected to launch more. Premier Li Keqiang last week pledged to cut real interest rates on financing for small and micro firms.
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