China’s manufacturing sector delivered a tale of two surveys in May. One pointed to solid growth. The other showed activity barely holding above stall speed. The contrast highlights persistent divides in how large state-linked producers and smaller, export-oriented firms experience the world’s second-largest economy right now. The private RatingDog China General Manufacturing Purchasing Managers’ Index, which tracks smaller companies more exposed to global demand, registered 51.8 last month. That figure topped the 51.6 median forecast in a Reuters poll and marked the sixth straight month of expansion. Still, it eased from April’s 52.2 reading. CNBC first reported the beat on June 1, noting that factory activity expanded despite softer official figures. By contrast, the government’s National Bureau of Statistics manufacturing PMI slipped to exactly 50.0 from 50.3 in April. The print matched economist expectations yet represented the lowest level since February.…