HONG KONG — China's factory activity expanded for a second straight month in April, with the official manufacturing purchasing managers index registering 50.3. On a scale between 0 and 100, a PMI reading above 50 reflects expansion, according to the National Bureau of Statistics.

The headline index slipped to 50.3 in April from 50.4 in March, according to the National Bureau of Statistics. The new orders sub-index slowed to 50.6 from 51.6 the previous month, while the production sub-index rose to 51.5 in April.

A separate private sector PMI survey by S&P Global and RatingDog showed China's factory activity rose to 52.2 in April from 50.8 in March. That survey focuses more on smaller and export-focused private companies.

Leah Fahy, senior China economist at Capital Economics, wrote in a research note that higher oil prices have so far not weighed on industrial activity in China, and that the recent acceleration appears to have been driven by strong export demand.

Fahy also wrote that surging oil prices are driving up global demand for green technology, and that this is a boon for Chinese companies that dominate manufacturing of clean energy equipment. She said that China's exports to the United States could pick up in coming months. U.S. tariffs on China have been lowered after a Supreme Court ruling earlier this year against sweeping tariffs.

China's economy expanded at a 5% annual pace in January-March. The Chinese leadership has set a 4.5% to 5% economic growth target for 2026, the lowest since 1991.

A prolonged property sector slump has weighed on domestic investment and consumption in China. The country recorded an all-time high $1.2 trillion trade surplus last year.