China's Purchasing Managers' Index (PMI) for the manufacturing sector rose to 50.8 percent in May from 50.6 percent in April, data from the China Federation of Logistics and Purchasing (CFLP) showed.
May marked the eighth consecutive month that the PMI figure stayed above 50 percent, the line demarcating expansion from contraction.
A modest rise in the May PMI and steady sub-indices suggest that the recovery trend in China's economy has become more obvious, said Zhang Liqun, an analyst from the Development Research Center of the State Council.
According to the CFLP, the sub-index for production moved up from 52.6 percent in April to 53.3 percent in May. The sub-index was a major driver of the May PMI and represents expanding output.
Orders received by manufacturers picked up in May, as the sub-index for new orders edged up 0.1 percentage point from the previous month to 51.8 percent.
The PMI for the non-manufacturing sector stood at 54.3 percent in May, down from 54.5 percent for April, CFLP said.
"The non-manufacturing PMI stood above 54 percent in May, indicating the sector is still growing at a relatively fast pace," said Cai Jin, Vice Chairman of CFLP. |