China has largely contained the coronavirus crisis and most companies have resumed operations.
While some companies hired more workers to meet production needs, others laid off employees to cut costs, the survey showed.“To increase employment, manufacturers will need more time and confidence,” said Wang Zhe, senior economist at Caixin Insight Group.The official manufacturing PMI came in at 51.1 in July compared to 50.9 in June.
China’s economy grew by 3.2 per cent in the second quarter of the year, according to official data, after contracting 6.8 per cent in the first quarter due to the coronavirus outbreak.
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