China manufacturing growth slows in August, surveys show

A labourer works on the assembly line at a clothing factory in Bozhou, east China's Anhui province, on May 22, 2014Growth in Chinese manufacturing activity slowed in August, two closely watched surveys showed Monday, losing momentum as a declining property sector and waning stimulus effects weigh on the world’s second-largest economy. The official purchasing managers index (PMI) came in at 51.1 last month, the National Bureau of Statistics said in a statement. The indices track manufacturing activity in China’s factories and workshops and are closely watched indicators of the health of the economy. Analysts said the result indicated China’s economic recovery was being stunted by problems in the property sector — where new home prices posted their fourth consecutive month-on-month decline — as well as the weakening impact of stimulus measures taken to boost growth.

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