Activity in China's vast factory sector increased to a five-month high in May on rising new orders, official data showed on Sunday, reinforcing views that the world's second-largest economy is regaining momentum in the second quarter following Beijing's targeted measures to bolster growth. The official Purchasing Managers' Index rose to 50.8 in May from April's 50.4, the National Bureau of Statistics said on Sunday, beating market expectations of 50.6. "The PMI reading continued to improve in May, indicating that a trend of economic stabilization is becoming more evident," Zhang Liqun, a researcher at the Development Research Centre said in the statement accompanying the data. Beijing has unveiled a slew of targeted measures this year to help shore up the economy, including cutting reserve requirement ratios for rural banks, quickening construction of railways and public housing, and tax cuts for smaller enterprises.
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