Business activity in the industry of China reached a six-year low

Almaty. August 21. Silkroadnews - Business activity in the industry of China reached a six-year low, reported RBC.
"PMI in the industrial sector of Caixin China fell for the first three weeks of August to 47.1 from 47.8 in July, indicating the acceleration of the recession. The last time the index was at such a low level in early 2009 during the global financial crisis",- says the publication on Friday.
The level of PMI above 50 - indicates an increase in production volumes, and lower than 50 - reduction.
China's stock market on Friday resumed falling. The index of the Shanghai Stock Exchange fell by 4.3%, while the Shenzhen B by 3.8%.
Consumption is also showing signs of weakening. According to the research group IDC and Gartner, sales of smartphones in the Chinese market began to fall for the first time on record. According to the China Association of Automobile Manufacturers, in June, wholesale sales of cars fell by 3.4%, which was the first time since 2013.
In addition, another sign of weakening of consumer demand was the slower growth in retail sales. In July, they rose by 10.5%, which was almost the minimum figure for the last decade.
As noted in the publication, the Chinese leadership in a slowing economy has stated that it intends to pay more attention to consumption and services, not investment in production and infrastructure as previously.