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The Wall Street Journal has put together a series of responses from analysts, looking at the divergence between the two indicators of China’s manufacturing sector. July’s China Purchasing Managers Index, the official index which covers government companies, came in at 50.3, up slightly on June, and higher than expected. HSBC’s index, which focuses on smaller, export-led companies, hit an 11-month low, at 47.7. Here the analysts explain why – and what they think is the true picture.

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