China’s factory activity has expanded for a second consecutive month, led by rising high-tech manufacturing output as the government searches for new drivers to shore up its faltering economy.
The purchasing managers’ index was 50.4 in April, slightly above analysts’ expectations for 50.3 in a Bloomberg poll but below 50.8 in March, according to official statistics.
The National Bureau of Statistics said equipment manufacturing and high-tech manufacturing PMIs were 51.3 and 53.0, respectively. While these were down from the previous month, “they continued to be in the expansion range and were both higher than the overall manufacturing industry”.
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