BEIJING : China's factory activity extended declines in August as new COVID infections, the worst heatwaves in decades and an embattled property sector weighed on production, a survey showed on Wednesday.The official manufacturing purchasing managers' Index (PMI) rose to 49.4 in August from 49.0 in July,
BEIJING : China's factory activity extended declines in August as new COVID infections, the worst heatwaves in decades and an embattled property sector weighed on production, a survey showed on Wednesday.
The survey suggests little improvement in the world's second-biggest economy in August activity, after a rebound in June following the reopening of COVID lockdowns. The extreme heat and drought also caused some regions such as the southwestern province of Sichuan and neighbouring Chongqing to suspend industrial production to ensure residential power supply, disrupting operations of well-known manufacturers like Taiwan's Foxconn and battery giant CATL.
China's economy slowed sharply in the second quarter as widespread COVID-19 lockdowns hammered demand and business activity, while the property market has lurched from crisis to crisis.
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