China's Purchasing Managers' Index (PMI) for the manufacturing sector came in at 49.1 in August, according to official data released on Saturday. This marks a slight decrease from 49.4 recorded in the previous month.
Zhao Qinghe, a senior statistician at the National Bureau of Statistics (NBS), attributed the decline to the ongoing effects of a heat wave and rainstorms, which have adversely impacted the country's manufacturing activity. Additionally, the onset of the off-season for certain industries has contributed to the contraction.
It's important to note that a PMI reading above 50 indicates expansion, while a reading below 50 reflects contraction. In August, while the overall PMI dipped, sub-indices for high-tech manufacturing and equipment manufacturing rose above the 50 mark, signaling growth in these sectors despite the broader contraction.
Reference(s):
cgtn.com
