China witnessed contraction in its factory activity in July for the fourth-consecutive month, while the country's non-manufacturing activity slowed down to its weakest in 2023, as the second largest economy in the world struggled to revive growth momentum in the backdrop of soft global demand.

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The country's official manufacturing purchasing managers' index came in July came in at 49.3, conpared to 49.0 in the previous month, according to data released by China's National Bureau of Statistics on Monday.

In May, its manufacturing purchasing index was at 48.8 and in April it was 49.2. However, this months reading was a little better than a Reuters poll's median forecast of 49.2.

A PMI reading over 50 suggests an expansion in activity, while a reading below 50 points to a contraction

.The data also highlighted that at 51.5 in July, China posted its weakest official non-manufacturing PMI reading in 2023. In June, it was 53.2, in May 54.5 and in the month before it was 56.4. This too was a fourth-straight monthly decline.

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