China's factory activity contracted faster than expected in May on weakening demand, heaping pressure on policymakers to shore up a patchy economic recovery. The official manufacturing purchasing managers' index (PMI) was 48.8 from 49.2 in April, according to data from the National Bureau of Statistics (NBS), its lowest in five months and below the 50-point mark that separates expansion from contraction. The PMI also dashed forecasts for an increase to 49.4. Non-manufacturing activity expanded at a slower pace in May, with the official services PMI falling to 54.5 from 56.4 in April, NBS data also showed. China's ... (full story)