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China manufacturing hits five-month high, targeted stimulus cited
CHINA's Purchasing Managers' Index rose to 50.8 in May from April's 50.4, beating market expectations of 50.6. Reuters reported.
The official survey showed a broad-based recovery in manufacturing that bodes well for the second quarter, with foreign and domestic demand reaching the highest level since last November.
"The PMI reading continued to improve in May, indicating that a trend of economic stabilisation is becoming more evident," said Development Research Centre analyst Zhang Liqun.
Beijing started fine-tuning in recent weeks and unveiled targeted measures to help shore up the economy, which has dipped to a 18-month low in the first quarter and on track to post the weakest annual showing in 24 years.
"It is clear that the government has become more concerned about the continued economic slowdown and wants to further increase the strength of policy support," said Wang Tao, economist at UBS in a note to clients.
A preliminary HSBC/Markit PMI showed the factory sector turning in its best performance in five months, although the reading remained below the 50-point level that suggests contraction in manufacturing activities.
The official survey showed a broad-based recovery in manufacturing that bodes well for the second quarter, with foreign and domestic demand reaching the highest level since last November.
"The PMI reading continued to improve in May, indicating that a trend of economic stabilisation is becoming more evident," said Development Research Centre analyst Zhang Liqun.
Beijing started fine-tuning in recent weeks and unveiled targeted measures to help shore up the economy, which has dipped to a 18-month low in the first quarter and on track to post the weakest annual showing in 24 years.
"It is clear that the government has become more concerned about the continued economic slowdown and wants to further increase the strength of policy support," said Wang Tao, economist at UBS in a note to clients.
A preliminary HSBC/Markit PMI showed the factory sector turning in its best performance in five months, although the reading remained below the 50-point level that suggests contraction in manufacturing activities.
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