The reading surpassed expectations of 49.5 in a Reuters poll, a stark contrast to a deeper contraction activity seen in the official PMI released on Wednesday.
China's recovery from its strict Covid curbs has been fragile and uneven, with economic indicators for April showing imports, factory gate prices and property investment all falling.
"Further policy support is still required to boost domestic demand, we reckon a 10 bps MLF rate cut in June," he added.It's too early to give up on the Chinese recovery, says China Beige Book's CEO Leland MillerThe manufacturing subindexes showed factory output rose at the fastest clip in 11 months while new orders including new exports expanded in May.
However, business confidence for the coming 12 months fell to a seven-month low amid concerns over global economic prospects.in April, remained cautious about hiring, with the employment subindex shrinking for the third consecutive month in May.
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