News Summary

• The official manufacturing purchasing managers index moderated to 50 from 50.3 in April.
• China has been less affected by the global energy shock from the Iran war than many other countries.
• Analysts say China's ample oil reserves and diversified sources of energy have helped the world's second-largest economy weather the war nearly unscathed.
• Chinese leaders have set an annual economic growth target of 4.5% to 5% for this year.
• That's the lowest target since 1991, albeit only slightly lower than the “around 5%” target set in 2025.