Surveys show Chinese economy growing but at modest pace
Chinese riding bicycle pass by a local business building in the background in Beijing, China, Friday, June 28, 2024. Surveys of Chinese factory managers showed a mixed outlook for the world's second-largest economy in June, with growth steady but not picking up much steam. (AP Photo/Vincent Thian)
BANGKOK (AP) — Surveys of Chinese factory managers showed a mixed outlook for the world's second-largest economy in June, with growth steady but not picking up much steam.
The China Federation of Logistics and Purchasing's official purchasing managers index, or PMI, remained at 49.5, the same as in May, on a scale up to 100 where 50 marks the cut off for expansion.
"From the perspective of output, China's economy is maintaining expansion, but the momentum of recovery still needs to be consolidated," the official Xinhua News Agency cited Zhao Qinghe, senior statistician for the National Bureau of Statistics, as saying.
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