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China's growth in exports may begin to cool in Q3, adding pressure to a slowing economy, as western countries' demand has likely peaked and that last year's base of comparison is higher than in the first half, wrote Wu Ge, the chief economist at Changjiang Securities and a former PBOC official, in an article on Yicai.com. Global manufacturing PMI is weakening after a rapid recovery and consumption and real estate investment in the U.S. have started to decline from a previous peak, said Wu. The consumer demand in western developed countries has shifted to services from consumer goods, Wu said.