Two gauges of China's manufacturing fell in June, underscoring a sustained slowdown in the nation's economy as policy makers seek to rein in financial speculation and real-estate prices.
An official Purchasing Managers' Index dropped to 50.1, the lowest level in four months, from 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing. A private PMI from HSBC Holdings Plc and Markit Economics was 48.2, the weakest since September. Readings above 50 signal expansion. (CNGDPYOY)
Weaker gains in manufacturing and a cash squeeze in the banking system add to odds that Li Keqiang will become the first premier to miss an annual growth target since the Asian financial crisis in 1998. In the latest signal that policy makers will tolerate slower expansion, President Xi Jinping said local officials shouldn't be judged solely on their record in boosting gross domestic product.
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China's Manufacturing Expands at Slower Pace Amid Credit Crunch
Tomohiro Ohsumi/Bloomberg
Workers assemble Beijing Hyundai Motor Co. cars on the production line at the company's plant in Beijing.
Workers assemble Beijing Hyundai Motor Co. cars on the production line at the company's plant in Beijing. Photographer: Tomohiro Ohsumi/Bloomberg
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