1 Minute Read by Reuters Staff BEIJING, June 30 (Reuters) – China’s economy is expected to grow at a faster pace than the rest of the world In June, China’s industrial production slowed marginally as high raw material costs and port bottlenecks in Guangdong, the export province, hampered company activity. The official manufacturing Purchasing Manager’s Index (PMI) fell to 50.9 in June from 51 in May, according to statistics released by the National Bureau of Statistics (NBS) on Wednesday, but it remained above the 50-point threshold that distinguishes growth from contraction. Analysts had predicted a drop to 50.8. The world’s second-largest economy has mostly recovered from the pandemic’s disruptions, but Chinese businesses face new obstacles ranging from rising raw material costs to global supply chain bottlenecks. Shipments have also been interrupted due to an epidemic of COVID-19 infections in China’s important export region of Guangdong. (Colin Qian, Stella Qiu, and Ryan Woo contributed reporting; Jacqueline Wong edited the piece.) Continue reading
