BEIJING, Sept 27 Reuters China39;s factory activity likely remained in contraction for the fifth consecutive month in September, as weak domestic demand and rising global trade barriers continue to dog the world39;s secondlargest economy.
A Reuters poll of 22 economists estimated the official purchasing managers39; index PMI will come at 49.5, higher than August39;s reading of 49.1, but below the 50point threshold that separates growth from contraction in activity.
The mood in the manufacturing sector has been depressed for months by tumbling producer prices and dwindling orders.
In the latest pain point, China39;s industrial profits plunged 17.8 in August yearonyear, the biggest decline this year and a sharp reversal from the 4.1 growth in July.
The continued downturn in factory activity highlights the need for bold stimulus efforts from the government, as policymakers face growing pressure to meet China39;s 2024 growth target of around 5.
After a shaky start to the secondhalf of the year, China39;s economy continued to show weakness with recent data broadly missing expectations.
In an unusual September Politburo meeting focused on macroeconomic issues this week, China39;s top leaders acknowledged the economy was facing new problems and called for fresh policies to more forcefully stimulate growth.
The meeting also urged efforts to stop the declines in the beleaguered property market and to deploy necessary fiscal spending.
These pledges came just two days after…