China's factory and service sector activities expanded in May
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China's factory and service sector activities expanded in May
The purchasing managers' index (PMI) for China's manufacturing sector and that for the non-manufacturing sector both stood above the boom-bust line of 50 in May, indicating steady recovery in major industries, data from the National Bureau of Statistics (NBS) showed.
While the manufacturing PMI eased to 50.6 in May from 50.8 in April, it still indicated an upward trend in economic growth as counter-cyclical adjustment policies gradually took effect, said Wen Bin, chief analyst at China Minsheng Bank. Of the surveyed manufacturing firms, 81.2 percent saw over 80 percent of their business operation resume in May, NBS data showed.
As China further implements proactive fiscal policy after the annual sessions of the national legislature and political advisory body, the construction industry is expected to see sound growth momentum, Wen said.
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