China's Factory Sector Contracts for Fourth Month, Prompting Efforts to Boost Consumer Spending

China's manufacturing sector contracted for the fourth consecutive month in July, according to the official Purchasing Managers' Index (PMI), while the non-manufacturing PMI also fell to its lowest level since December. In response, the Chinese government unveiled a series of measures to boost domestic consumption, including increasing consumer loans for car purchases, building more EV charging facilities, and supporting the consumption of wearable devices and smart products. However, analysts warn that more substantial policy support is needed to prevent the economy from slipping into a recession.