China's weak factory PMI exposes pain points in export juggernaut

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China's weak factory PMI exposes pain points in export juggernaut - Channel News Asia

Quick Summary:

BEIJING: China's manufacturing activity slipped to a five-month nadir in July as factories grappled with falling new orders and low prices, an official survey showed on Wednesday, pointing to a grinding second half for the world's production powerhouse.

Starbucks, which has thousands of stores across its second-largest market, reported a 14 per cent plunge in quarterly China sales as coffee drinkers gravitated to cheaper offerings.

Furthermore, hopes that strong exports would spark a broader economic recovery were dashed by extreme weather conditions, as flooding and high temperatures hurt production lines over July, NBS senior statistician Zhao Qinghe said.