China factory activity grows at fastest pace since 2021 - Caixin

1st Jul 2024 07:15

(Sharecast News) - Chinese manufacturing activity grew at its fastest pace as production gains offset slowing demand, according to the private sector Caixin survey published on Monday.

The Caixin/S&P Global manufacturing PMI, which covers smaller firms, rose to 51.8 in June from 51.7 in the previous month, the fastest rise in more than three years and beating forecasts of 51.2.

Demand for consumer and intermediate goods was stronger than that for investment goods.

"Insufficient market confidence and effective demand remain key challenges," said Caixin senior economist Wang Zhe.

Reporting by Frank Prenesti for Sharecast.com