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China's July PMIs mixed, as economy settles

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The small village of Shaoshan in Hunan province, Mao Zedong's hometown, is a hotspot for "red tourism". Tourism is part of China's services sector, which is now the country's main driver of growth; this sector continued to expand in July. Beijing has set a GDP target of 6.5 to 7 per cent growth for this year.

Beijing

CHINA'S two gauges of the purchasing managers' index (PMI) painted a mixed picture of the economy, as large state-owned firms struggled and weak demand at home and overseas continued to weigh on output.

The official PMI unexpectedly shrank to 49.9 in July. A reading of 50