China factory activity shrinks at slower pace in May

BEIJING: The contraction gripping China’s manufacturing sector slowed in May, data showed Tuesday, as some factories gradually resumed work after officials eased some Covid lockdown measures.

The Purchasing Managers’ Index (PMI) — a key gauge of manufacturing activity — edged up to 49.6, officials said, from April’s 47.4, which was the worst reading since early 2020. However, the reading remained stuck below the 50-point mark separating growth from contraction.