China, Beijing: a key indicator of Chinese manufacturing activity remained in negative territory, reflecting ongoing concerns about the health of the world's second-largest economy.
The Purchasing Managers' Index (PMI), derived from a survey of factory managers, declined by 0.1 points to 49.4, according to data released by the National Bureau of Statistics on Wednesday. This marks the third consecutive month that the PMI has fallen below the 50 mark, which signifies a contraction in manufacturing activity.
Additionally, the PMI for the service sector also decreased, dropping 0.3 points to 50.2, although it still stayed in positive territory.
On Tuesday, the Politburo, the high-ranking decision-making body of China’s Communist Party, cautioned that the upcoming months would be challenging. The body also committed to implementing various measures to rebuild trust in financial markets and boost government expenditure.
