03-08-2015
Output at mainland factories was worse than expected. Photo: Reuters
China's factory activity shrank more than initially estimated in July, contracting by the most in two years as new orders fell and dashing hopes that the world's second-largest economy may be steadying, a private survey showed on Monday.
The final Caixin/Markit China Manufacturing Purchasing Managers' Index dropped to 47.8 in July, the lowest reading since November 2011, from June's 49.4. That was worst than a preliminary "flash" reading of 48.2 and marked the fifth straight month of contraction, as indicated by a reading below 50.
New orders reversed into contraction last month after growing in June, while factory output shrank for the third consecutive month to hit a trough of 47.1, a level not seen in more than 3-1/2 years.
http://rthk.hk/rthk/news/englishnews/20150803/news_20150803_56_1120951.htm
