China's weak factory PMI raises pressure for consumer stimulus

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China's weak factory PMI raises pressure for consumer stimulus
Economy
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After a dismal second quarter the world's second-largest economy lost momentum further in July

BEIJING – China 's manufacturing activity sank to a six-month low in August as factory gate prices tumbled and owners struggled for orders, an official survey showed on Saturday, pressuring policymakers to press on with plans to direct more stimulus to households.

Sentiment remains gloomy among manufacturers as a years-long property crisis keeps domestic demand in the doldrums and Western curbs loom on Chinese exports such as electric vehicles. "To achieve economic stabilisation, the fiscal policy stance needs to become much more supportive. With the US economy slowing, exports may not be as reliable a source for growth as it was in the first half of the year," he added.

And the August reading of the non-manufacturing PMI, which includes services and construction, quickened to 50.3 from 50.2, allaying fears that it would also enter a period of contraction.

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