China's manufacturing and services sectors expanded at a solid pace in May thanks to robust construction and infrastructure investment, welcome news for authorities trying to strike a balance between maintaining stable economic growth and defusing debt risks.
The official manufacturing Purchasing Managers' Index (PMI) was at 51.2 in May, unchanged from April, a monthly survey by the National Bureau of Statistics showed on Wednesday. Analysts polled by Reuters had predicted a reading of 51.0.
The survey results suggest authorities were having some success in stabilizing the broader economy without risking a sharper slowdown in growth as they try to defuse bubble risks from years of credit-fueled stimulus.
