China's factory activity slowed sharply in July as demand contracted - private survey

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China’s factory activity growth slowed sharply in July as demand contracted for the first time in over a year in part on high product prices, a business survey showed on Monday.

The Caixin/Markit manufacturing purchasing managers’ index (PMI) fell to 50.3 last month from 51.3 the month before, the lowest level since April 2020. That is significantly lower than analysts' expectation of 51.1 in a Reuters' poll.

The Chinese economy has largely recovered from the impact of the Covid-19 pandemic, but it has faced new challenges such as surging . . .

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