China’s manufacturing PMI remains stable in May
The data showed that the index for new orders fell to a reading of 50.7 in May while exports followed a stable trend at a reading of 50.0 and the production index slightly rose to a reading of 52.3 from 52.2 in the previous month.
Meanwhile, another PMI index compiled by Caixin declined to a reading of 49.2 in May from 49.4 in April, remaining in the contractionary territory for a fifteenth consecutive month.
Some economists commented that stabilization in the Chinese economy may enable the government to take more aggressive measures such as cuts in excess capacity. The Chinese government targets to reduce capacity in steel and coal sectors by around 10% in the upcoming years.
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