An initial peek at April manufacturing data Wednesday suggests China's economy is beginning to stabilize after growth slowed sharply in the first quarter of the year.
The question is whether the economy is healthy enough to recover on its own, or whether authorities will need to step in with further fiscal or monetary medicine.
The HSBC flash PMI, a proxy for gross domestic product, rose to 48.3 in April from March's final reading of 48.0, with any number below 50 indicating activity is contracting. In other words, today's data showed Chinese industrial activity continues to slow, but the decline is moderating.
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