China factory activity contracts for first time since February

Factory activity in China contracted in July for the first time since February 2026, due to weak domestic demand and a slowdown in the construction and services sectors following recent hurricanes. The manufacturing Purchasing Managers' Index (PMI) stood at 49.2 points, below the expansion threshold of 50 points. Similarly, the non-manufacturing index fell to 49.0 points, while the composite index declined to its lowest level since China lifted its COVID-19 pandemic restrictions. This reflects a decline in demand for new orders and the impact of weather conditions on economic activity, despite companies remaining optimistic about future recovery. The government is also under pressure to boost spending and support growth. The export boom, which increased by 27% in June, remains a key driver of growth, despite a decrease in domestic export orders.

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