China’s factory activity shrinks for 5th month, maintains pressure for policy support – One America News Network

BEIJING (Reuters) -China’s manufacturing activity contracted for a fifth straight month in August, an official survey showed on Thursday, maintaining pressure on officials to provide support to shore up economic growth amid soft demand both at home and abroad

The official purchasing managers’ index (PMI) rose to 49.7 from 49.3 in July, according to the National Bureau of Statistics, staying below the 50-point level demarcating contraction from expansion. The reading was above a forecast of 49.4.

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The world’s second-largest economy risks missing Beijing’s annual growth target of around 5% as officials wrestle with a worsening property slump, weak consumer spending and tumbling credit growth, leading major banks to downgrade their growth forecasts for the year.

“It’s too early to tell, but today’s print suggests that a sequential uptick in growth…