China’s industrial activity shrank at a slower pace in May as lockdowns eased in major cities, even as ongoing COVID-19 restrictions cast a cloud over the outlook for the world’s second-largest economy.
The official manufacturing purchasing managers’ index (PMI) rose to 49.6 in May, up from 47.4 in April, the National Bureau of Statistics (NBS) said on Tuesday.
A reading below 50 on the index, which is based on a monthly survey of enterprises across China, indicates a contraction in activity.
China’s slowing factory activity comes amid signs of negative spillover for production in other leading Asian economies, including Japan and South Korea, both of which have reported sharp declines in industrial output....
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