China official factory PMI rises to 51.9 in May, well above forecasts
BEIJING, May 31 (Reuters) - China’s manufacturing sector grew at the fastest pace in eight months in May, easing concerns about a slowdown in the world’s second-biggest economy.
The official Purchasing Managers’ Index (PMI) released on Thursday rose to 51.9 in May, from 51.4 in April, and remained well above the 50-point mark that separates growth from contraction for the 22nd straight month.
Analysts surveyed by Reuters had forecast the reading would dip marginally to 51.3.
The strong findings defy concerns about an expected loss of momentum in the world’s second-largest economy, as policymakers navigate debt risks and a heated trade row with the United States.
The United States said on Tuesday that it would push ahead with imposing tariffs on $50 billion of imports from China and will use it unless Beijing addresses the issue of theft of American intellectual property.