The preliminary HSBC (HBC.NYSE, HSBA.LSE) China Purchasing Managers’ Index (PMI) showed that manufacturing activity in May dipped to 51.1 from 51.8 in April, the Wall Street Journal reported. A figure above 50 signals expansion. May’s preliminary figure indicates that the pace of growth for industrial production may be slowing more than analysts expected. The reading feeds into a broader picture, including slower industrial production growth and manufacturer surveys in April, of an economic cool-down. The Shanghai and Shenzhen markets reacted negatively to the news, with the benchmark Shanghai Composite Index down 2.9% at close of trading on Monday. “The market certainly is worried about growth slowing, that’s been apparent, but it’s also worried about inflation. Previously the worry was inflation alone. That’s what’s changed,” said UBS (UBS.NYSE, UBSN.SIX) Securities economist Wang Tao.