China's factory activity declines in June

01 Juillet, 2019, 11:11 | Auteur: Auguste Feret
  • China June factory activity unexpectedly shrinks as trade war weighs- Caixin PMI

The announcement comes a day after China's President Xi Jinping and his USA counterpart Donald Trump met on the sidelines of the G20 summit on Saturday, agreeing to restart trade talks that were abruptly halted in May. Analysts polled by Reuters had predicted a reading of 49.5.

They will also spark concerns about stalling growth in China and the risk of a global recession, despite slightly better-than-expected export and industrial profits data in May.

Last month, China's factory output growth slowed, with the sub-index falling to 51.3 from 51.7 in May, while the contraction in total new orders accelerated to 49.6 from 49.8.

Analysts say it is too early to tell whether Trump's decision to allow US firms to buy from Huawei Technologies, after blacklisting the company six weeks ago, will ease trade tensions, CNN reported.

Tensions between the world's two biggest economies escalated sharply in May, when talks to reach a broad deal collapsed as Washington accused Beijing of reneging promises on reforms. China has retaliated with tariffs on USA imports.

The latest escalation in the trade conflict unfolded in May when the United States raised tariffs to 25 percent on Chinese imports worth $200 billion, to which Beijing responded by raising tariffs on U.S. products worth $60 billion.

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China on Sunday rolled out revised negative lists for foreign investment market access, introducing greater opening-up and allowing foreign investors to run majority-share-controlling or wholly-owned businesses in more sectors.

Economists say Beijing's market-opening measures reflect growing confidence Chinese companies can compete and a recognition of the need for more competition.

That's despite a sustained economic support program that began early past year, ranging from higher infrastructure spending to tax cuts to a spate of measures aimed at keeping struggling smaller firms afloat.

While tit-for-tat U.S. -China tariffs are expected to hit Chinese export-oriented firms hardest, the PMI survey suggested orders from domestic customers cooled faster in June than new business from overseas.

Beijing has been counting on a strong services sector to pick up the slack as it tries to shift the economy away from a dependence on heavy industry and manufacturing exports.

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