China’s official manufacturing PMI stood at 50.3 in April, down 0.1 percentage points from March but beating expectations of 50.1, data released Thursday showed. The reading marked the fifth consecutive month above the 50-point expansion threshold. The new export orders sub-index climbed above 50 for the first time in two years, reaching 50.3. Large enterprise PMI held at 50.2, while medium and small enterprises rose to 50.5 and 50.1 respectively. However, the non-manufacturing PMI fell into contraction at 49.4, with construction and services both shrinking. A private survey by RatingDog and S&P Global showed manufacturing PMI at 52.2, its strongest reading since December 2020.

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