China’s manufacturing and non-manufacturing PMIs weakened further in July, notes UOB Group economist Ho Woei Chen.
China’s economic momentum is slowing
“Both official manufacturing and non-manufacturing PMIs weakened further in July, adding evidence of waning momentum in China’s economy. Deflationary pressure remains present in price indicators.”
“While the July Politburo meeting pledged to implement a set of new measures to support the economy in a timely manner and stressed the importance of boosting consumption to expand domestic demand, no details were given.”
“Both monetary and fiscal policy support will need to be strengthened in the second half of 2024. We forecast China’s GDP growth to moderate to 4.9% this year from 5.2% in 2023.”
Source: Fx Street
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