China factory PMI contracts in July

China's official manufacturing purchasing managers' index (PMI) fell to 49.2 in July from 50.3 in June, marking the first contraction in five months and missing economists' forecasts. The China — National Bureau of Statistics of China released the data on July 31. Sub-indices for new orders and production also declined, with new orders hitting their lowest since 2023. Weak domestic demand, a sluggish property sector, and typhoons contributed to the slowdown. The non-manufacturing PMI also fell below 50. The data adds to concerns about slowing economic growth, as GDP grew 4.3% in Q2, below the official target. The Cuba — Communist Party of Cuba's Politburo pledged to boost domestic consumption and roll out new policies. Economists expect China to continue relying on exports for growth.