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00:00YOU ARE SAYING FISCAL MAY BE THE ONLY SUPPORT WE CAN SEE. GUEST: I THINK MANUFACTURING PMI COULD BE BETTER THAN SERVICES PMI. MANUFACTURING HAS NOT BEEN TO AFFECTED BY ISOLATION, QUARANTINE POLICY IN JUNE BECAUSE THERE IS MORE ADULATION. FOR NONMANUFACTURING PMI, UNEXPECTED DROP. THAT IS MY ESTIMATE. EVEN MY CONCERN -- MY CONCERN IS BUSINESSES ARE AFFECTED BY THE QUARANTINE AND THEY CAN ' T RECOVER, BECAUSE SOME BUSINESSES HAVE BEEN SHUT DOWN DUE TO COVID. PROPERTY SERVICES ARE NOT REALLY GETTING TO THE NORMAL LEVEL. I DON ' T THINK THERE WILL BE VERY GOOD NUMBERS FOR NONMANUFACTURING EMI. HAIDI: WHEN IT COMES TO FISCAL STIMULUS, THIS IS THE OLD PLAYBOOK. HOW MUCH SYSTEMIC RISK IS BEING BUILT UP? GUEST: GOOD QUESTION. IT ' S VERY DAMAGING FOR CHINA. IT TAKES TIME TO RECOVER. FOR THE SERVICE DR., -- SERVICE SECTOR, THE REOPENING OF RESTAURANTS, THIS IS SOMETHING WE CAN MOVE ON QUICKLY. THE GDP TARGET WILL BE DIFFICULT TO BE ACHIEVED WITH QUARANTINE DURATION. SHERY: ESPECIALLY IF YOU ARE NOT DOING MORE ON THE MONETARY POLICY SIDE OF THINGS. WE HAD THE LPR CUTS. HOW MUCH MORE NEEDS TO BE DONE HERE? GUEST: THE INTEREST RATE WAS DAMAGING MARGINS. LOWERING POLICY -- IT MEANS LOAN PRIME RATES CAN ' T BE LOWERED. HAIDI: HOW MUCH IS CHINA DOING ON THE OUT OF LEMON SIDE OF THINGS? VERY IMPORTANT IT ' S VERY IMPORTANT FOR SOCIAL STABILITY. GUEST: IT ' S A CONCERN. THERE IS REDUNDANCY IN THE TECHNOLOGY SECTOR. IT STABILIZED [INDISCERNIBLE]

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ING's Pang on China PMI and Policy Outlook

Iris Pang, ING Greater China Economist, discusses China PMI and policy outlook. She speaks with Shery Ahn and Haidi Stroud-Watts on "Bloomberg Daybreak: Asia". (Source: Bloomberg)

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