China's factory activity growth slipped sharply in July as demand contracted for the first time in over a year in part on high product prices, a business survey showed on Monday, underscoring challenges facing the world's manufacturing hub.
The Caixin/Markit Manufacturing Purchasing Managers' Index fell to 50.3 last month from 51.3 the month before, the lowest level since April 2020.Analysts polled by Reuters had expected the index to ease to 51.1. The 50-mark separates growth from contraction on a monthly basis. Policymakers have stepped up efforts to curb surging commodity prices that have squeezed manufacturers' margins.
A sub-index for new orders slipped sharply into contraction for the first time since May 2020, while another sub-index for production fell to the slowest pace of expansion since March last year.
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