China factory activity rebounds in June, but upturn may be temporary
Beijing — China’s manufacturing activity rebounded last month as new orders and production gathered pace, independent figures showed on Monday, but an analyst warned the pick-up was likely to be temporary. The indicator tallies with the government’s purchasing managers’ index (PMI) that also showed an improvement in factory conditions in June compared with May. But there is growing concern that the world’s second-largest economy is losing momentum as policymakers rein in lending and curb property purchases after years of debt-fuelled investment. The private Caixin survey of purchasing managers at hundreds of manufacturing companies showed a reading of 50.4 last month, compared with 49.6 in May. A PMI figure above 50 indicates growth while anything below points to contraction. May’s data showed the first contraction in almost a year. New orders expanded at the fastest pace in three months, boosting production and helping lift the PMI, Caixin said in a joint statement with data compil...
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