BEIJING - China's factory activity grew at a slower pace in August as floods across southwestern China disrupts production while smaller firms continued to struggle, potentially tempering a robust recovery for the economy from the coronavirus shock.
"In addition, some companies in Chongqing and Sichuan reported an impact from the heavy rains and floods, resulting in a prolonged procurement cycle for raw materials, reduced orders and a pullback in factory production." Investment bank HSBC expects China's economy would grow by 5.4 per cent in the third quarter from the same period a year ago, followed by a 6.2 per cent expansion in the fourth quarter, returning China's growth to pre-Covid levels.
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Source: BusinessTimes - 🏆 15. / 51 Read more »