BEIJING: Chinese factory activity likely expanded at a slower pace in June, hit by a resurgence of COVID-19 cases in the major export province of Guangdong, a Reuters poll showed on Monday, though quick containment indicates economic disruption is easing.
"This could weigh down national exports by 3-4 percentage points, and thus drag the pace of production in mid- to downstream sectors. Meanwhile, construction activity likely slowed amid higher raw material prices." But port congestion is easing, with Shenzhen's Yantian Port, which had been hit by a COVID-19 outbreak, resuming full capacity on Saturday, state media reported. Guangdong has not reported any COVID-19 cases in six days.
Meanwhile, at China's industrial firms, profit growth slowed again in May, official data showed on Sunday, as surging raw material prices squeezed margins and weighed on factory activity.
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