BEIJING: China's factory activity rose for a third straight month in May as companies got back to business after strict measures to contain the coronavirus were eased, but a deep contraction in export orders means the recovery remains sluggish.
The official manufacturing Purchasing Manager's Index was 50.6 in May, compared with 50.8 in April, official data showed on Sunday, pointing to a gradual recovery in the industrial sector. Analysts had expected 51.0.While the pace of expansion in production slowed in May constrained by lacklustre demand, the forward-looking total new orders gauge showed an improvement to 50.9 from April's 50.2, suggesting domestic demand could be picking up soon.
Hammered by the health crisis, China's economy shrank 6.8% in the first quarter from a year earlier, the first contraction since quarterly records began. Analysts believe it will be months before broader activity returns to pre-crisis levels, even if a fresh wave of infections can be avoided. Highlighting the uncertain outlook, the government's work report earlier this monrth did not set an annual growth goal, marking the first time China has not set a target since 2002.
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