(Yicai Global) May 1 -- China’s manufacturing sector saw steady growth last month, despite falling slightly amid escalated trade tensions with the United States.
The manufacturing purchasing managers’ index came in at 51.4, down 0.1 point from a month before, data from the National Bureau of Statistics showed. The figure remained above the 50-point benchmark, which separates expansion from contraction, for the 21st straight month.
The US and China, the world’s two largest economies, have been locking horns over their stance on globalization since US President Donald Trump took office, but the gloves came off in March when the US leader threatened to slap USD50 billion worth of tariffs on Chinese imports. China fought back with tit-for-tat duties and the pair have been on the brink of driving up the cost of trading by hundreds of billions.
Trump pledged to send Treasury Secretary Steven Mnuchin to China “in a few days to negotiate on trade,” while talking at the White House in a press briefing on April 24. China has said it would welcome the visit but has not yet received the delegation.
The non-manufacturing PMI hit 54.8, gaining 0.2 point from March. The overall PMI rose 0.1 point to 54.1, showing production and business activities are maintain steady expansion, the statistics bureau added.
Editor: James Boynton