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The key leading economic indicator thus remains below the critical threshold of 50 points, at which point a decline in industrial activity is assumed. Service sector index including construction decreased from 54.5 points to 53.2 points. It’s getting wider, but slower than before.
The failure to recover PMI data reinforces the message that growth is slowing, Raymund Yeung, a China economist at ANZ Bank, told Bloomberg. Weak growth is also making calls for more stimulus louder.
Despite the unexpectedly weak development, new Prime Minister Li Qiang expressed confidence at the World Economic Forum in Tianjin on Tuesday that the second-largest economy grew stronger in the second quarter than in the first quarter, at 4.5 percent compared to the same period last year. . He also expects his government’s growth target of “around five percent” to be met this year. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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