The Caixin China General Manufacturing Purchasing Managers’ Index (PMI) dipped to 49.4 in June from 50.2 in May, indicating a marginal deterioration, reported Reuters.
It’s the lowest reading since January for the manufacturing sector, which accounts for about 30% of China’s gross domestic product.
“China’s economy came under further pressure in June,” Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, wrote in a note accompanying the data.“It’s crucial for policymakers to step up countercyclical policies,” he said.