China

Output at China’s factories saw an uptick in June thanks to improvements in exports, industrial production, and greater retail sales. Government leaders say they are confident that they will achieve a goal of 7.5% growth this year and the Purchasing Managers’ Index (PMI) edged up to 51.0 from 50.8. This represents a sharp turnaround from years of steady decline thanks to higher labor costs.(Wall Street Journal)

China has signed a new Free Trade Agreement (FTA) with Iceland that will allow duty-free trade of most apparel items between the two countries. The agreement was signed during a recent visit to China by Iceland’s Minister of Foreign Affairs and Foreign Trade and is seen as a major step forward in trading relations between China and Europe. Though China is only Iceland’s 19th largest trading partner, trade between the two countries has grown significantly in recent years.(Fibre2Fashion)