China factory activity tops expectations in April — but growth slows as new orders soften
China's factory activity expanded in April, surpassing expectations with a manufacturing PMI of 50.3, though growth slowed from the previous month's peak due to weakening new orders. The non-manufacturing PMI declined to 49.4 and the composite PMI fell to 50.1, indicating a broader cooling in economic momentum. Upcoming talks between President Xi Jinping and U.S. President Donald Trump may address ongoing trade tensions, including potential tariffs.
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China's factory activity topped analysts' expectations, albeit growth slowed from the prior month when it hit a year-high, as new orders saw a slowdown. The official manufacturing purchasing managers' index reading of 50.3 was higher than the the 50.1 expected by Reuters-polled economists. A figure above 50 indicates expansion, while below shows a contraction in activity. Non-manufacturing PMI came in at 49.4, compared to the 50.1 seen in March, while the composite PMI dipped to 50.1 from March's 50.5.China is preparing for a summit between President Xi Jinping and U.S.
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