Growth in China's manufacturing sector slightly moderated in August, pointing to subdued momentum in the economic recovery, new data showed.
The purchasing managers' index (PMI) came in at 51.1 in August, down from July's 51.7, according to data released by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) on September 1.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
A majority of sub-indices retreated in August, with those measuring production, new orders and purchasing volumes registering the biggest drops.
"The PMI data indicate some downward pressure on the economy," noted Zhang Liqun, an economist at the Development Research Center of the State Council.
But as the indices still stayed above the 50-point watershed, Zhang maintained that the basic trend of a steadily growing economy remains unchanged.
In contrast, official data suggested non-manufacturing activity slightly recovered in August as the tertiary industry was robust and market outlook remained optimistic.
The PMI for the non-manufacturing sector rebounded to 54.4 percent last month, according to the NBS and CFLP on September 3.
The official non-manufacturing PMI tracks business activity in sectors including construction, software, aviation, railways and real estate.
Cai Jin, deputy head of the CFLP, said China's overall non-manufacturing activity grew mildly and stably. He noted the satisfactory performance of the tertiary sector and predicted it would continue rising in the next few months. |