Chinese manufacturing lags further in July
Associated Press, Shanghai | Business | Wed, August 01 2012, 9:10 AM
A government survey shows China's manufacturing lagged further in July, growing by its slowest pace in eight months, despite other signs Beijing's efforts to revive growth might be taking hold.
The state-affiliated China Federation of Logistics and Purchasing said Wednesday that its purchasing managers' index, or PMI, fell 0.1 percentage point to 50.1 in July, slightly down from 50.2 in June and just above the 50 level that signifies expansion. The index was at 50.4 in May, 53.3 in April and 53.1 in March.
China's growth fell to 7.6 percent in the second quarter, relatively robust but weak compared with years of double-digit growth.
The slump comes at a sensitive time for the ruling Communist Party, which is preparing to hand power to a younger generation of leaders this year.
