China manufacturing accelerates in May

Manufacturing growth in China accelerated in May after analysts and banks projected slower growth for the month, Bloomberg reported, citing official data. The Purchasing Managers’ Index (PMI) climbed to 50.8 last month from 50.6 in April. A reading above 50 indicates accelerating growth. The data that the National Bureau of Statistics released Saturday beat the average expectation of 30 analysts surveyed by Bloomberg. The unofficial HSBC Holdings’ PMI fell to 49.6 in May, indicating the first contraction in production growth in seven months. New leaders such as Premier Li Keqiang have said that economic reform would be accompanied by lower levels of growth.