China’s factory activity continued to accelerate in May, rising to the highest level this year and adding to signs of a stabilizing economy, according to the latest official data.
The Purchasing Managers Index (PMI) rose to 50.8 in May, from 50.4 in April, the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing said on Sunday.
It marked the third consecutive monthly uptick in the index, seen as one of the key indicators of economic performance, following three months of decline that ended in March, Xinhua news agency noted.
Zhang Liqun, a researcher at the Development Research Center of the State Council, said the improving data is a sign that the economy is continuing to stabilize.
Eight of the 12 PMI sub-indices registered growth last month. The production sub-index edged up to 52.8 from 52.5 in April.
New orders jumped to 52.3 in May from 51.2 in the previous month. Export orders, which slumped by 1.1 in April, reversed the declining trend to rise by 0.2 to 49.3.
The employment sub-index however dipped to 48.2 from April’s 48.3, pointing to contraction in the job market, the report said.
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