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China’s private Caixin/S&P Global manufacturing PMI rose to 51.0 in August from 49.2, beating analysts’ forecasts and exceeding the 50.0 threshold.

The reading came a day after an official survey showed manufacturing activity contracted for a fifth month, offering a mixed picture on business conditions in the world’s second-largest economy.

While the rebound in China’s factory conditions could be a sign that official efforts to revive growth are starting to have some effect, manufacturing activity in most of Asia remained stagnant.

In Japan it shrank for a third straight month, while South Korea extended its longest-ever slump on wage pressures and soft exports, the surveys showed.

“It’s unlikely we’ll see a sharp, quick rebound in China’s economy. With the outlook for advanced economies also uncertain, it’s hard for Asian companies to be optimistic on the outlook,” said Toru Nishihama, chief emerging market economist at Dai-ichi Life Research Institute.

“Stubborn food inflation is also hurting consumption in some Asian countries. The region’s economy could be at a standstill.”

Asia has been among the few bright spots in the global economy, though persistent weakness in China cloud the outlook.

In revised forecasts issued in July, the International Monetary Fund projects emerging Asia’s economic growth will accelerate to 5.3% this year from 4.5% in 2022. It expects China’s economy to expand 5.2% this year after a 3.0% increase in 2022.

Japan’s final au Jibun Bank manufacturing PMI came in at 49.6 in August, unchanged from July and staying below breakeven for a third month, as input costs rose.

South Korea’s PMI fell to 48.9 from 49.4, marking the 14th month of contraction on weak export orders.

Factory activity also contracted in Taiwan, Malaysia, and the Philippines last month. India, by contrast, saw growth accelerate at the fastest pace in three months, driven by a strong expansion of new orders and output.

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