China's manufacturing shows zero growth in July
BEIJING (AP) — Official data show China's manufacturing recorded no growth in July, in a sign of weakness in the world's second-largest economy.
The Chinese Federation for Logistics and Purchasing reported Saturday that the country's purchasing managers' index dipped to 50 from June's 50.2 on a 100-point scale, on which numbers above 50 show activity expanding.
The Chinese government has cut interest rates four times since November and launched mini-stimulus efforts to shore up economic growth that slowed to 7 percent in the first quarter.
Analyst Zhang Liqun says in a statement that both overseas and domestic market demands were unstable and that factories lacked confidence as they reduced the stock of raw materials and were buying less.