Factory activity in China is expected to have contracted for the fourth straight...
BEIJING - Factory activity in China is expected to have contracted for the fourth straight month in August, a Reuters poll showed, as the United States ratcheted up trade pressure and domestic demand remained sluggish.
Further signs of contraction, following surprisingly weak July data, would add to views that the world’s second-biggest economy is continuing to lose momentum, heightening fears of a global recession. “Move out from China. That’s the only way for now,” said a Hong Kong exporter surnamed Lau in China, whose metal-coating products would be subject to a higher 30% tariff in October.
The bank lowered its growth forecasts for the coming four quarters, taking down sequential growth by 20 basis points each in the third quarter and the fourth, to annualized rates of 5.6% and 5.8%, respectively.The sudden deterioration in trade ties has prompted speculation over whether China needs to start rolling out more forceful measures to keep growth from sliding below 6% this year.
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