New orders growth accelerated, despite foreign demand expanding at a marginal pace that was the slowest for six months amid a sluggish global economic environment.
The Caixin China General Composite PMI fell to 51.9 in July 2023 from 52.5 in June, marks the seventh straight month of growth in private sector activity but the softest pace since January, as the manufacturing sector contracted for the first time in three months while growth in the service economy sustained for the 7th successive month.
New orders rose the least in six months, amid a divergent trend where service providers saw a stronger rise in sales while factory orders shrank for the first time since April.
“At present, monetary policy only has a limited effect on boosting supply,” said Dr. Wang Zhe, an economist at Caixin Insight Group. “An expansionary fiscal policy that targets demand should be prioritized.”
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