The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage. By Frank HolmesNEW YORK ( U.S. Global Investors) -- Bloomberg announced over the weekend that China's manufacturing grew at the fastest pace in a year. We follow the government's purchasing managers' index closely, as we believe it is a better indicator of China's domestic demand than the HSBC PMI. Whereas HSBC PMI surveys 400 small and mid-sized companies that are typically export-oriented, the government's PMI surveys 820 mostly large, state-owned enterprises across 20 industries.