China’s manufacturing sector could be heading for its first contraction in a year as new orders drop and factories battle against persistent inflation, according to a survey published on Thursday.
The HSBC flash purchasing managers’ index for China, designed to provide an early snapshot of industrial conditions, has fallen to 48.9 in July, the lowest in 28 months. The final figure for this month will be published on August 1. A reading below 50 would denote a retrenchment in activity.
The weak PMI added to concerns that sustained monetary tightening by the government is weighing on growth, but analysts cautioned against overreacting, saying that the world’s second largest economy was still poised to perform strongly in the second half.
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