China July factory PMI quickens on rising new orders
BEIJING (REUTERS) - Growth in China's vast factory sector picked up slightly in July from June thanks to a rise in new orders, an official survey showed on Thursday, offering a sign the world's second-largest economy could regain some strength in the second half of 2013.
The official purchasing managers' index (PMI), released by the National Bureau of Statistics, rose to 50.3 in July from 50.1 in June. The figure was higher than the market expectation of 49.9.
A reading above 50 indicates expanding activity while a figure below that level points to a contraction.
A sub-index measuring new orders edged up to 50.6 in July from 50.4 in June, indicating stronger demand for Chinese goods.