BEIJING : China's factory activity contracted unexpectedly in July after bouncing back from COVID-19 lockdowns in the prior month, as fresh virus flare-ups and a darkening global outlook weighed on demand, an official survey showed on Sunday.
The official non-manufacturing PMI in July fell to 53.8 from 54.7 in June. The official composite PMI, which includes both manufacturing and services activity, was at 52.5 versus 54.1. Beijing's decision to drop mention of the growth target after the meeting has doused speculation it will roll out massive stimulus measures, as it often did in past downturns.
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