Independent surveys suggest possible mild rebound for China's economy

The HSBC-published preliminary purchasing managers index surveying factory activity in China showed the manufacturing sector edging higher at 49.6 points in June but still falling short of the 50-point mark delineating contraction from expansion, while independent quarterly survey published by China Beige Book International described a “broad-based recovery” in the second quarter led by retail and property markets in inland provinces, The New York Times reported. While both reports suggest China’s economy may have regained some degree of momentum, many analysts still expect additional policy support from Beijing to bolster any progress being made toward recovery.