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 …