(Yicai Global) April 30 -- China's Caixin manufacturing purchasing managers' index for April fell well short of market expectations, suggesting recovery of the nation's smaller and privately owned firms has not been as smooth as expected.

The April Caixin PMI fell 0.6 point from March to 50.2, Caixin-Markit said today. The average forecast for the figure was 50.9.
 

China has two key PMIs. The official PMI is run by the state and comprises 3,000 companies, most of which are large and state-owned, and the Caixin index, often known as the Caixin-Markit Index, reaches out to 500 businesses that are typically smaller and privately owned.

The National Bureau of Statistics published the official April manufacturing PMI earlier today, also down 0.4 point at 50.1. Market forecasts had expected growth to remain on par with last month's 50.5.

A number above 50 in either index indicates expansion, while a figure below 50 suggests contraction.