China August factory activity shrinks for fourth month: official PMI
The data showed activity at medium and small-sized firms contracted, even as large manufacturers, many backed by the government, managed to expand in August.
After Beijing hit back with retaliatory tariffs, Trump said existing levies would also be raised in coming months. The combined moves now effectively cover all of China’s exports to the United States. Trump said on Monday that China wants to reach a deal “very badly”, citing what he described as increasing economic pressure on Beijing and job losses.
Growth in China’s services sector activity picked up for the first time in five months in August, with the official numbers from a separate business survey rising to 53.8 from 53.7 in August.Beijing has been relying on a strong services sector to cushion some of the economic impact from trade uncertainties and sluggish manufacturing activities.
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