China’s economic activity likely improved in August, adding to a steady drip of clues that suggest the worst of this year’s downturn may be starting to pass.

The peak summer holiday season drove a boom in spending on travel and hotels, keeping one of the few bright spots for the economy humming. Manufacturers reported an expansion in new orders for the first time in five months. A rush to sell more special local bonds to fund infrastructure projects aided construction at a time when activity is otherwise being challenged by the ongoing real estate slump.

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