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Workers who produce clothing at a textile factory that supplies clothing for a fast -based e -commerce company in Guangzhou on the southern Chinese province of Guangdong.
Jade Gao | AFP | Gets the image
Chinese production activity was concluded for the third consecutive month in June, a formal poll was shown on Monday, which causes hopes for a greater incentive for the effects of permanent trade interruptions.
The official procurement managers index (PMI) improved to 49.7 of 49.5 in May in June, but remained below the 50-year analysis that separates the extension. This indicator corresponded to the 49.7 analyst forecast in the Reuters survey.
The unproductive PMI, which includes services and construction, increased to 50.5 from 50.3 in May.
Chinese manufacturers fight the deepening of the price war against the background of facing and sluggish consumer demand, which are strengthened by higher tariffs in the United States, which reduced their exports to the world’s largest consumption market.
Shipment of the country to the US plunged into 34.5% in May Since year, over 21% in April, when exporters switched to alternative markets to avoid the eye of the triple tariff, which was briefly broken before it was sent in mid -May.
Last week, Chinese Prime Minister Lee Ten said in a key economic forum in Tianjin that Beijing intensified efforts to increase domestic demand in what China will do “Consumption Power Plant”.
This year consumer prices were also overgrown in deflation, Drop 0.1% in May Year earlier.
A wholesale price sensor or the manufacturer price index saw the greatest drop from July 2023 In May, a deepening of the deflation that has been twisted for two years. The profit of Chinese industrial firms plunged by 9.1% in May, their The most sharp drop in seven months.
On Friday, the Ministry of Commerce in China said Beijing had reached an agreement with Washington on additional details of the existing trade base, noting that China will revise and approve applications for export of controlled items, while the United States will be abolished by a number of restrictive measures against China.
While the statement was considered as a encouraging sign that bilateral trade negotiations were progressing, economists have warned that the lack of details left a lot of doubts, including what criteria Beijing would use to evaluate the application for the export of rare earth magnets.
“This emphasizes how tough and detailed trade negotiations can be,” said Vendy Katler, Vice President of the Asian Society’s Politics Institute, with the latest signaling development, both sides are working to make the previous transaction in Geneva “in good faith.”
In A A separate statement Last weekend, the Ministry of Commerce once again confirmed its opposition against other countries that sought to relieve tariffs from the US in any transaction that would endanger China’s interests. “If this situation happens, China will not accept it and will accept decisive countermeasures to protect its legal rights and interests,” the statement reads.
On Tuesday, a private survey on China’s production activity, conducted by Caixin Media and S&P Global, which is expected to improve up to 49 in June with 48.3 in the previous month, said in the Reuters poll.
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