China’s Sputtering Growth Engines Raise Urgency for Stimulus
- Economists say government must do more to hit growth target
- Manufacturing PMI posts 4th straight month in contraction zone
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China’s remaining growth engines are showing signs of sputtering while the property market continues to drag on the economy, highlighting the urgency of government intervention to keep an increasingly unlikely growth target in sight.
Factory activity contracted for a fourth straight month in August, according to an official poll of manufacturers. The latest sales figures showed a worsening residential slump, after China Vanke Co. — one of the nation’s biggest developers — underlined the industry’s woes late Friday by reporting a half-year loss for the first time in more than two decades.