{"text":[[{"start":9.92,"text":"China’s factory activity unexpectedly contracted in July and a separate gauge covering services and construction hit its lowest level in more than three years, adding to concerns over growth momentum in the world’s second-largest economy."}],[{"start":21.96,"text":"China’s official manufacturing purchasing managers’ index was 49.2 in July, the lowest level since February, when it last declined. The non-manufacturing PMI was 49, its weakest level since December 2022, with a construction gauge at just 47."}],[{"start":38.54,"text":"A reading above 50 marks an expansion."}],[{"start":41.28,"text":"The sudden contraction in both measures adds to recent signs of economic pressure in China, where official GDP growth of 4.3 per cent in the second quarter missed an official target that was already the lowest in decades."}],[{"start":54.38,"text":"The data “signals that the recent macro slowdown may continue into the second half”, noted Lynn Song, chief economist for Greater China at ING."}],[{"start":63.46,"text":"Monthly data indicators including fixed asset investment and retail sales have displayed weakness, while policymakers continue to grapple with a drawn-out property slowdown that has weighed on confidence."}],[{"start":null,"text":"
"}],[{"start":74.5,"text":"The Communist Party’s Politburo, a top decision-making body, met on Thursday and pledged to accelerate fiscal expenditure but stopped short of any sudden stimulus. A recent speech from Chinese leader Xi Jinping, published by state media Xinhua on Thursday, stressed a need to “tap the potential of domestic demand”."}],[{"start":92.28,"text":"The weakness in PMI, an early data indication for the third quarter, would “increase pressure on local governments to follow through on the Politburo’s latest request for them to step up their spending”, said Julian Evans-Pritchard, chief China economist at Capital Economics."}],[{"start":107.68,"text":"Within the non-manufacturing data, the construction gauge was at its lowest level since early 2020 and the beginning of the Covid-19 pandemic. An NBS statement said that it was impacted by “high temperatures, heavy rains and floods”."}],[{"start":121.82,"text":"Industrial production in China has shown higher growth than some other monthly indicators and exports have continued to soar this year after a record goods trade surplus of $1.2tn in 2025. Exports added 27 per cent in dollar terms year on year in June."}],[{"start":137.68,"text":"A gauge of new orders was lower at 48.5, while new export orders came in at 49.6 in July, marking a narrow contraction."}],[{"start":147.24,"text":"“If the gap between new orders and production persists, companies may continue to take a cautious approach to procurement, inventory management and hiring,” said Yuhan Zhang, principal economist of the China Center at the Conference Board."}],[{"start":168.28,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785480592_2979.mp3"}