China's Factory and Service Sectors Weaken Further in June as Export Orders Decline

Factory activity in China contracted for a third month in June according to official data.
China's services sector also slowed in June, hitting its weakest point since late 2022.
Export orders decreased in June, contributing to the overall contraction and cooling China's economic rebound.
China's government expressed confidence in achieving an annual GDP growth target of "about 5%" despite the weak data.
The disappointing economic numbers may pressure China to launch new stimulus measures to counter weakening demand.