BEIJING (Reuters) – China’s manufacturing activity rebounded unexpectedly in May, private survey results showed on Thursday, as output and demand picked up, giving a whirlwind of air to companies in difficulty because of the fall in their profits.
The manufacturing PMI index calculated by Caixin/S&P Global rose last month to 50.9, against 49.5 in April, returning above the threshold of 50 which separates contraction and expansion of activity.
This is an index higher than the consensus, which stood at 49.5, and in sharp contrast to the results of the official survey published on Wednesday, which indicate an even more marked contraction in manufacturing activity last month.
Since the surprise lifting of sweeping COVID-related restrictions last December, the recovery of the Chinese economy has been fragile, with indicators notably showing a decline in imports and producer prices in April.
The survey conducted by Caixin is considered to focus more on companies in coastal, small and export-oriented regions.
(Report Liangping Gao and Ryan Woo; Jean Terzian)
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