China's Two Manufacturing Surveys Both Weakened in July but Disagreed on Direction
In July, the private RatingDog China Manufacturing PMI fell to 50.9, a four-month low still above the expansion threshold, while the official NBS measure dropped to 49.2, signaling outright contraction. The 1.7-point gap between the two surveys was the widest in the six-month window covered, with private new orders still expanding and NBS new orders contracting at 48.5%. The readings arrived as China's second-quarter GDP growth of 4.3% came in below the government's 4.5%-to-5.0% full-year target, with authorities responding by accelerating spending on existing infrastructure projects rather than announcing new stimulus.