China's factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector, a private survey showed on Thursday, imperilling the broader economic outlook for the second quarter.
Data this week showed tourism spending during the five-day May Day holiday that ended on Wednesday. However, given a subdued property market and weak demand from overseas, analysts say the economy faces persistent headwinds as the government aims to achieve full-year growth of around 5%.
Production growth slowed for the second straight month in April as weaker-than-anticipated new orders dampened output, the private Caixin survey showed. Muted client demand led manufacturers to cut their staffing levels at the quickest pace since January. This was mostly through attrition, though some firms also trimmed headcount to cut costs.
Despite the downbeat data, manufacturers' optimism picked up with firms citing new product releases and supportive government policies. Investment in new equipment was also expected to drive growth, some said.
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