China factory activity tops expectations in April – but growth slows as new orders soften

China’s factory activity topped analysts’ expectations, albeit growth slowed from the prior month when it hit a year-high, as new orders saw a slowdown. The official manufacturing purchasing managers’ index reading of 50.3 was higher than the the 50.1 expected by Reuters-polled economists. A figure above 50 indicates expansion, while below shows a contraction in activity. Non-manufacturing PMI came in at 49.4, compared to the 50.1 seen in March, while the composite PMI dipped to 50.1 from March’s 50.5. China is preparing for a summit between President Xi Jinping and U.S. President Donald Trump in May, where Beijing will likely…