China’s manufacturing Purchasing Managers’ Index (PMI) came in at 51.7 for May, up 0.3 percentage points from 51.4 in April.

These numbers show that the Chinese government’s stimulus measures are working, said Ben Harburg, portfolio manager at Core Values Alpha.

He also said that China’s economic picture is “better than you think,” as the amount of consumption in the country is not fully reflected in PMI data due to deflation.

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