China's May factory activity likely expanded at steady pace, recovery still fragile: Reuters poll
BEIJING - China's manufacturing activity in May likely grew at a similar pace to the previous month when it barely managed to stay expansionary, a Reuters poll showed on Thursday, reinforcing the fragile nature of the recovery in the world's No.2 economy.
Taken together, the contrasting forecasts underlined the heightened uncertainty about China's growth outlook as authorities continue their efforts to stabilise the crisis-hit property sector, which remains a major drag on the economy. Retail sales last month, for instance, grew at their slowest pace since December 2022, when Beijing's strict zero-COVID curbs were in place, and new home prices fell at their fastest rate in nine years, keeping alive calls for further policy support.
China this month unveiled 'historic' steps to stabilise the property market, but analysts say the measures fall short of what is required for a sustainable recovery.
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