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Manufacturing activity expands at slower pace

China's manufacturing activity expanded for the second month in a row in April but at a slower pace, official data showed on Sunday. The Purchasing Managers Index came in at 50.1 in April, slightly down from March's 50.2 and below market expectations of 50.3, according to a report jointly released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion, while a reading below 50 reflects contraction. "The Chinese economy is stabilizing since the reading still remains in positive territory, albeit falling slightly in April," said Zhang Liqun, a researcher with the State Council's Development Research Center.

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