China’s economy under pressure as factory activity slows in Aug, services contract ...Egypt

BEIJING, Aug 31 (Reuters) – China’s businesses and the broader economy came under increasing pressure in August as factory activity expanded at a slower pace while the services sector slumped into contraction, raising the likelihood of more near-term policy support to boost growth. The world’s second-biggest economy staged an impressive recovery from a coronavirus-battered slump, but momentum has weakened recently due to domestic COVID-19 outbreaks, high raw material prices, slowing exports, tighter measures to tame hot property prices and a campaign to reduce carbon emissions. The official manufacturing Purchasing Manager’s Index (PMI) fell to 50.1 in August from 50.4 in July, data from the

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