China’s Official Purchasing Managers' Index Hits Five-Month High in May
Official data from Chinese State Agency on Sunday revealed that the manufacturing activities in China grew at the highest rate over the five months in May as new orders grew rapidly. The new data supports the idea that the second-largest economy in the world is picking up momentum in the second quarter after Beijing targeted specific measures to strengthen growth.
On Sunday the National Bureau of Statistics said, the official Purchasing Managers' Index grew to 50.8 during the month of May from 50.4 in April. The growth surpassed the market expectations that were marked at 50.6.
Zhang Liqun, a researcher at the Development Research Centre mentioned in the statement which accompanied the data, "The PMI reading continued to improve in May, indicating that a trend of economic stabilization is becoming more evident.
This could be one among the initial important indicators measuring the economic impetus. The enhanced reading could augur well for other data received in May, boosting market expectations which mirror the regaining strength of the economy as the pro-growth measures taken by the government started to work.
The official survey in May points towards a recovery that is broad-based in the manufacturing sector, with 9 out of the thirteen sub-indices pointing towards improvement from the preceding month.
A sub-index for new orders, a measure of foreign and domestic demand edged up to 52.3 in May from 51.2 in April, marking the highest level since last November.
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