China July factory growth cools but construction boom fortifies economy

  • Economy
  • Monday, 31 Jul 2017

BEIJING: Growth in China’s manufacturing sector cooled slightly in July as foreign demand for Chinese goods slackened, but a government-led infrastructure push kept construction humming and helped prop up the world’s second-largest economy.

The official Purchasing Managers’ Index (PMI) held above the 50-point mark that separates growth from contraction for the 12th straight month, as China poured funds into a construction boom that has fuelled demand for everything from cement to steel and other building materials.