China Manufacturing PMI at 50.3 in April Expansion

China's manufacturing sector expanded for a second consecutive month in April, showing resilience amid elevated energy prices triggered by the Iran war, according to official and private surveys released Thursday.

The National Bureau of Statistics reported the official manufacturing purchasing managers' index at 50.3, a slight decline from 50.4 in March but above the 50 threshold indicating expansion and surpassing economist expectations of around 50.1. New orders eased to 50.6 from 51.6, while production edged up to 51.5.

A private survey by S&P Global and RatingDog painted a more robust picture, with the index climbing to 52.2 from 50.8 in March, the fastest pace since late 2020 and ahead of forecasts near 51.0. The gauge, which emphasizes smaller and export-oriented firms, highlighted surging new orders and output, the strongest since mid-2024, alongside broad-based growth particularly in consumer goods. Export orders marked four straight months of gains.

Higher oil prices have not yet dampened activity, analysts noted. "The recent acceleration of industrial activity appears to have been driven by strong export demand," wrote Leah Fahy, senior China economist at Capital...