Amid a lot of recent gloom, finally some decent news about the Chinese economy: A manufacturing index released today came in above expectations, suggesting China's recent lackluster growth may have turned the corner. A gauge of Chinese companies' purchasing managers by HSBC and Markit Economics rose to a five-month high in May, with a preliminary reading of 49.7, higher than the 48.3 estimate in a survey of analysts by Bloomberg News and up significantly from April's final reading of 48.1. Today's survey, the so-called flash PMI, gathers data from 85% to 90% of companies polled; the final reading will be released on June 3. A deeper look into the numbers shows a recovery in output and new orders, as well as overseas purchases.