/ Agencies) - Chinese manufacturing activity slowed again in July, reaching its
lowest level in the last 11 months: the preliminary HSBC / Markit Purchasing
Managers index, anticipating official government data, in fact dropped to 47.7 compared
to the end of June which remained at 48.2. For
the third consecutive month the sector has failed to reach 50 points, the dividing
line between expansion and contraction. The
sub-index that measures changes in employment fell in July to 47.3 - the lowest
since March 2009 - and even the rate of new orders fell to its lowest for 11
According to various analysts, these data confirmed that the Chinese economy is losing its drive and that measures will be needed to stabilize growth at above 7%, the point of "no return" imposed by the central government for the development of the national economy . Qu Hongbin, chief China economist for HSBC, said: "The slowdown in the July data suggests that there is a continuing decline in the sector, caused by the decrease in new orders and a faster reduction of commercial stocks. This situation will put even more pressure on the labor market. "
According to Chinese authorities, the threshold of 7% for the general development of the national economy is fundamental: it ensures the creation of a number of jobs sufficient to ensure social stability. In the April-June period, the figure stabilized at 7.5% falling for the umpteenth time: the government and the international markets were not overly concerned about the situation, chalking it down to the international economic crisis.