Investing.com - The semi-official manufacturing PMI published on Monday by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing for July rose to 49.9. just missing the expected expansion level of 50. The CFLP non-manufacturing PMI reached 53.9, with last month's level at 53.7.
"China's economy is still consolidating at the bottom, so we should maintain stabilizing demand, confidence and expectation to solidify growth,"Zhang Liqun, a government economist advising CFLP, said in the statement.
The Caixin manufacturing PMI however came in at 50.6, well above a reading of 48.7 expected for July, which was up a tad from 48.6 the previous month.
"The Chinese economy has begun to show signs of stabilizing due to the gradual implementation of proactive fiscal policy, but the pressure on economic growth remains, and supportive fiscal and monetary policies must be continued," said Zhong Zhengsheng, director of Macroeconomic Analysis at CEBM Group in Caixin's PMI release.