Manufacturing and service surveys showed increased expansion in July while business expectations rose, evidence that China’s economic slowdown may be stabilizing, Bloomberg reported. The non-manufacturing Purchasing Managers’ Index showed the first acceleration since March, government data released August 3 showed, following an unexpected gain in the official manufacturing PMI last week. The country’s economic planning agency said the construction of transport-related infrastructure projects will be accelerated, adding to government efforts to boost domestic demand that have included changes to the tax system and help for small companies. Premier Li Keqiang has promised to keep GDP growth within a “reasonable zone.”
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