Surveys show Chinese economy growing but at modest pace WPXI [Video]
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Surveys show Chinese economy growing but at modest pace WPXI [Video]

BANGKOK — (AP) — Surveys of Chinese factory managers showed a mixed outlook for the world’s second-largest economy in June, with growth steady but not picking up much steam.

The China Federation of Logistics and Purchasing’s official purchasing managers index, or PMI, remained at 49.5, the same as in May, on a scale up to 100 where 50 marks the cut off for expansion.

“From the perspective of output, China’s economy is maintaining expansion, but the momentum of recovery still needs to be consolidated,” the official Xinhua News Agency cited Zhao Qinghe, senior statistician for the National Bureau of Statistics, as saying.

The PMI for new export orders slipped to 49.4 from 49.6, perhaps reflecting announcements by the European Union and United States of plans to increase their tariffs on imports of electric vehicles from China.

A private-sector survey released Monday by the financial media group Caixin was more optimistic, edging up to 51.8 from 51.7 in the previous month. That …

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How China Is Rewiring Its Faltering Economy [Video]
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How China Is Rewiring Its Faltering Economy [Video]

Xi Jinping has a plan to fix his country’s faltering economy and offset the pain caused by the property crisis. The goal is to move up the value chain. Out with dirty, low-end manufacturing and in with new industries like solar and electric vehicles. The problem, however, is Chinese consumers aren’t spending. Also, Beijing faces a tense trade and geopolitical landscape with the US and Europe.00:00 Introduction 01:05 China’s growth story 01:54 Solar firm GCL 02:50 Hi-tech sectors04:05 Tariffs and weak consumption07:09 Model of success If you want to read more on China’s “great rewiring,” click here: https://trib.al/25srtVZFor more on Xi Jinping’s plans for the Chinese economy, click here: https://trib.al/4zPyDoh Sign up here for the Next China newsletter to get Bloomberg’s weekly dispatches from Beijing: https://trib.al/kX4Zyws--------Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginalsBloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.Visit our partner channel Bloomberg Quicktake for global news and insight in an instant.

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