China's Manufacturing Slump Points to Economic Challenges

Factory activity contracts in May, underscoring issues in the property sector and consumer spending.

China's manufacturing PMI dropped to 49.5 in May, indicating a contraction in factory activity.
Weaker new orders and export orders highlight reduced demand and economic uncertainty.
The property sector continues to struggle, with falling housing prices and stalled construction projects.
Job losses and tightened controls on technology-related businesses are impacting consumer spending.
The IMF raised China's growth forecast but emphasized the need for structural reforms to sustain long-term growth.