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Survey: China's factory activity declines in June

Survey: China's factory activity declines in June

BEIJING (AP) — China's factory activity contracted in June, adding to pressure on Beijing to shore up economic growth amid a costly tariff war with Washington.

A monthly index released Sunday by an official industry group, the China Federation of Logistics & Purchasing, stood at 49.4 on a 100-point scale on which readings below 50 show activity contracting.

An economist cited in a statement by the federation, Zhang Liqun, said "downward pressure on the economy is still relatively prominent."

Chinese exporters have been battered by President Donald Trump's tariff hikes in a fight over Beijing's technology ambitions. Domestic consumer demand has been chilled by tighter government controls on bank lending to cool a rise in debt.

Trump and Chinese President Xi Jinping agreed Saturday to hold more talks on their trade dispute.

Updated : 2021-04-23 11:21 GMT+08:00