Purchasing Managers' Index

A textile factory in Linhai, Zhejiang province. The PMI reading adds to evidence in recent weeks that China’s economy is losing growth momentum. Photo: Reuters

China PMIs highlight economic momentum slowing down

China’s factory activity shrank for the first time in seven months in May as both domestic and external demand softened, while growth in the services sector cooled, pointing to slowing momentum in the world’s second-largest economy.