China's manufacturing expands in April

Beijing, May 1 (IANS) China's Purchasing Managers Index (PMI), a preliminary readout of manufacturing activities, rose in April for five consecutive months, indicating the economy is on path of steady growth.

The PMI climbed to 53.3 percent in April 2012, 0.2 percentage point higher compared to that in March, the China Federation of Logistics and Purchasing said Tuesday.

The federation said the April PMI is higher compared to the same period last year, which stood at 52.9, reported Xinhua.

A PMI reading of 50 percent demarcates expansion from contraction.