According to an official survey released on Sunday, after the trade ceasefire between the US and China was extended for 90 days further, China’s factory activity declined in August. The special thing is that China has seen these figures in the 5th consecutive month. According to China’s National Statistics Bureau, the PMI in the manufacturing sector increased from 49.3 of July to 49.4 in August, showing that the decline was slower compared to the previous month. PMI is measured on a scale of 0 to 100, where more than 50 is considered better and below is considered weak. In this sector, there was an increase in the index that measured the list of manufacturing, new orders and raw materials. But there was a slight decline in the employment measuring index.
Chinese economy threatens
The survey came a few weeks after US President Donald Trump stopped the huge increase in import duty for 90 days. But the uncertainty on the fee on exports to America is still hovering over the second largest economy in the world. This has increased the pressure on China’s economy, including recession in the property sector and increase in unemployment rate and other factors. China is also facing floods caused by torrential seasonal rains, disrupting commercial activities in some parts of the country. But Jhao King, senior officer of the National Bureau of Bureau of Statistics, said that the manufacturing sector saw an increase in PMI, non-manufacturing PMI and overall, in August, indicating that the overall economic sentiment of the country continues to improve.
Chinese minister visited
In a statement on Saturday, the Chinese Ministry of Commerce said that its International Trade Representative Lee Chenggang visited the US last week and discussed the implementation of its heads of state’s consent with the US authorities and the business talks between the two sides, as well as economic and business relations between the two countries. The ministry said that Lee emphasized that China and America should follow the principles of mutual respect, peaceful co-existence and beneficial cooperation for both sides, removing differences and expanding cooperation through equal dialogue. He told that during his visit, he also met business representatives.