China Vows More Economic Support as Recovery Continues to Wane
- Manufacturing activity contracts, housing sales plunge again
- Beijing announces plan to boost credit to private firms
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China’s manufacturing and housing market continued to slump in July, with Beijing making fresh pledges to shore up the economy’s recovery.
The Caixin index of manufacturing activity declined to a six-month low of 49.2 last month, pointing to a contraction in the sector as export demand slumped. A separate report showed home sales tumbled 33.1% in July, the most in a year.