China factory gauge firms, stimulus stabilises economy

BEIJING: China’s official factory gauge showed the nation’s economic rebound stabilised in April as a property recovery and credit surge helped to revive the nation’s old growth engines.

The manufacturing purchasing managers index stood at 50.1 last month, the nation’s statistics agency said yesterday, compared with 50.2 in March and a median estimate of 50.3 in a Bloomberg News survey of economists. The non-manufacturing PMI was at 53.5, compared with 53.8 in March. Numbers higher than 50 indicate improving conditions.