China provisional manufacturing purchasing managers' Index (PMI) rose to 48.3, 2-month high in April 2014 compared with 48 in March, according to HSBC.

Meanwhile, Chinese manufacturing output index came in at 48, a 2-month high in April compared with 47.2 for last month.

Hongbin Qu, chief economist, China & Co-Head of Asian Economic Research at HSBC said, ''The HSBC Flash China Manufacturing PMI stabilized at 48.3 in April, up from 48 in March. Domestic demand showed mild improvement and deflationary pressures eased, but downside risks to growth are still evident as both new export orders and employment contracted.

The State Council released new measures to support growth and employment after the release of Q1 GDP. Whilst initial impact will likely be limited, they signalled readiness to do more if necessary. We think more measures may be unveiled in the coming months and the PBoC will keep sufficient liquidity.''