Surveys show Chinese economy growing but at modest pace

AP Business Writer

BANGKOK (AP) — Surveys of Chinese factory managers show a mixed outlook for the world’s No. 2 economy, with growth steady but not picking up much steam. The official purchasing managers index compiled by the China Federation of Logistics and Purchasing remained at 49.5 in June on a scale up to 100, where 50 marks the cut off for expansion. A private-sector survey released Monday was more optimistic, edging up to 51.8 from 51.7 in the previous month. The official PMI for new export orders slipped to 49.4 from 49.6. Analysts say that might reflect announcements by the European Union and United States of plans to increase their tariffs on imports of electric vehicles from China.