BEIJING, May 5 -- China's manufacturing activity continued to contract in April, but at a slower pace, according to HSBC's purchasing managers' index (PMI) released on Monday.

The HSBC/Markit China PMI--a composite indicator designed to provide a snapshot of operating conditions in the manufacturing sector-- stood at 48.1 in April, down fractionally from the earlier flash reading of 48.3, but up from 48.0 in March, said data company Markit in a statement.