BEIJING: China's factory activity contracted faster than expected in May on weakening demand, heaping pressure on policymakers to shore up a patchy economic recovery and knocking Asian financial markets lower.
The official manufacturing purchasing managers' index (PMI) fell to 48.8 from 49.2 in April, according to data from the National Bureau of Statistics (NBS), its lowest in five months and below the 50-point mark that separates expansion from contraction. The PMI also dashed forecasts for an increase to 49.4.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
