China’s Economy Faces Challenges, India Poised to Fill Commodity Demand Gap, and Beijing Takes Steps to Revive Consumer Spending

^{Credits: Google}

China’s factory activity contracted for the fourth consecutive month in July, with the official manufacturing PMI at 49.3. As China’s growth slows, India’s booming economy is set to make up for the global demand gap left by China. The Bank of Japan raised its inflation forecast for 2023, anticipating a core inflation rate of 2.4% to 2.7%. Meanwhile, China strives to boost domestic consumption with measures targeting various industries. However, concerns remain over China’s economic recovery, and concrete policy support may be required to prevent a recession.

Weak Chinese factory activity puts pressure on Beijing to support economy https://t.co/1d06rq1qYe

— FT China (@ftchina) July 31, 2023

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