Dull activity data from China stokes stimulus pleas

JOE CASH

CHINESE authorities released additional policy guidelines yesterday but no concrete measures to boost the sputtering economy and domestic consumption, leaving investors wanting as dull activity data heightened the pressure for action. Manufacturing activity in the world’s second-largest economy fell for a fourth straight month in July while the services and construction sectors teetered on the brink of contraction, official surveys showed, threatening

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growth prospects for the third quarter.

But officials at a news conference called by the state planner gave only vague promises to “study and formulate policies”, disappointing hopes that more stimulus was imminent after positive hints from a Politburo meeting this month –and a stock market rally that followed.

“Policy support is needed to prevent China’s economy slipping into recession, not least because external headwinds look set to persist,” Julian Evans-Pritchard, head of China economics at Capital Economics, said.

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