China’s economy continued strong recovery from coronavirus shock in July, but challenges remain

Buoyed by a construction boom, China’s economic recovery continued apace in July, new sentiment data suggested.

The official manufacturing purchasing managers’ index (PMI) for July stood at 51.1,

with a reading above 50.0 suggesting expansion in factory output.

This was slightly better than June’s reading of 50.9 and was better than analysts’ expectations,

with the median result of a Bloomberg survey standing at 50.8.

Conducted through a survey of factory owners and purchasing managers, the PMI is a sentiment gauge.

It offers an early snapshot of the state of China’s economy during the month ahead

quizzing operators on issues like hiring, export orders, and inventory.

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