China’s Manufacturing Sector Sees Growth in June Driven by Tech Exports

China’s factory activity expanded in June, surpassing economists’ expectations with the official PMI reaching 50.3, up from 50 in May. The increase was fueled by strong demand for artificial intelligence hardware, driving robust exports. The sub-index for new orders rose to 51.2, indicating growth, while the production sub-index also expanded to 51.4. Julian Evans-Pritchard, from Capital Economics, highlighted that China’s economic momentum is reliant on exports and AI-related technology, with external demand being the primary growth driver for the manufacturing sector. Huo Lihui, the chief statistician at the National Bureau of Statistics, noted that the June data signals a warming…