Here’s Why China Isn’t Committed to Its Economic Transition

Fresh data showed China's manufacturing sector continued to slow in May, but one analyst thinks the world's second largest economy is still 'pulling old levers' to lift economic growth. Michael Ingram, a market analyst with BGC Partners in London, said that while the manufacturing data was lackluster, the index that gauges sectors outside of manufacturing was higher and saw a boost from construction. 'It's about creating another mini-real estate boom - China is pulling the same old levers of government direct investment and we know that none of this is sustainable,' he said, adding that the Chinese currency continues to slip, reaching a 5-year low against the dollar. He said China isn't committed to its transition to a consumption-based economy. TheStreet's Scott Gamm reports from Wall Street.