BEIJING - China's factories stepped up activity in July for a fifth straight month as improving prospects for electrical and pharmaceutical goods helped sustain a broader recovery from earlier coronavirus shutdowns.
The PMI echoed upbeat readings from other major Asian export nations, with factory production in South Korea jumping at the fastest rate in more than 11 years, and Japan's output snapping four months of decline. Reinforcing the downbeat outlook for global demand, industry research released on Friday showed worldwide smartphone sales shrank 14 per cent year-on-year in the second quarter.
A Reuters poll this month has forecast GDP to expand 2.2 per cent in 2020, up from 1.8 per cent projected in the last poll in April, with recently improving data underpinning the more upbeat outlook.
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