China PMI rose to 51.2 manufacturing industry in May

China's May manufacturing purchasing managers ' index climbed to 51.2 in Monday, according to foreign media reports, further evidence that Chinese manufacturing has stabilised and may be steadily hoarding growth momentum. According to CLSA, China's manufacturing PMI was 50.1 in April, the first time in nine months to return to 50. "For the first time PMI has a solid indication that the policy pull is really working," commented Fishwick, head of the Securities and Economics Research department in Lyon. The Lyon report also said that manufacturing production in China continued to rise in May for the second consecutive month, with a steady increase, which was roughly the same as the long-term average.　　The growth in output, supported by further growth in the new business and improved market conditions, has significantly reversed the steep decline at the beginning of the year. In addition, the report showed that Chinese manufacturers received a second consecutive month of new business growth in May, and May growth was more pronounced than the modest increase last month. The figures show that domestic demand has been a major factor in the expansion of new business as export orders fell in May; overseas markets, while still in recession, have narrowed down to the lowest value of the recession.