Manufacturing activity in China softened in May, according to data released on Thursday, but Beijing’s new policies to promote economic growth could soon reverse that trend.
The HSBC flash purchasing managers' index for China, designed to provide an early snapshot of industrial conditions, fell to 48.7 in May, down from 49.3 in April. The reading has been below 50 for the past seven months, a level that signals weakening activity.
“The slowdown was intensified a little bit in May,” said China economist Sun Junwei of HSBC. “The main reason for this is the export slowdown ... This is a signal to Beijing policy makers that it is very much urgent to introduce more supportive policies for growth.”
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