BEIJING: China’s factory output ticked up in August but still recorded a fifth straight month of contraction, official data showed on Sunday (Aug 31), as trade talks with the United States continue ahead of a new November tariff deadline.<\/p>\n
The Purchasing Managers’ Index – a key measure of industrial output – was 49.4, the National Bureau of Statistics (NBS) said, up slightly from 49.3 in July.<\/p>\n
A Bloomberg analysts’ poll had forecasted the index would be 49.5.<\/p>\n
The last time China recorded a figure above 50 – indicating growth – was in March.<\/p>\n
NBS statistician Zhao Qinghe hailed the improvement from a month earlier as evidence that “overall economic prosperity continues to expand”.<\/p>\n
“The business climate has improved,” he said.<\/p>\n
In July, the NBS attributed manufacturing’s struggles to severe weather, including floods and high temperatures.<\/p>\n
China has struggled to maintain a strong economic recovery since the pandemic, as it fights a debt crisis in the crucial property sector, chronically low consumption and elevated youth unemployment.<\/p>\n
China’s bruising trade war with the United States, now on hold pending a deal, has hit the export-dependent economy.<\/p>\n
Beijing and Washington have extended a truce on most reciprocal duties to November 10 as they continue talks.<\/p>\n
Senior Chinese trade negotiator Li Chenggang urged “equal dialogue and consultation” between the two nations when he concluded a three-day visit to the United States on Friday, according to a statement from China’s commerce ministry.
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