China's factory activity in April remains unchanged

  • Factory activity in China held steady in April, slightly exceeding market expectations.

    April’s manufacturing purchasing managers' index or PMI was at 50.1, the same as March. The expected PMI reading was 50.

    Manufacturing activity in the world’s second largest economy contracted in January and February.

    Meanwhile, the PMI for China’s services sector decreased from 53.7 in March to 53.4 in April.

    The government has set a growth target of around 7% for this year.

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