In May, the Manufacturing Purchasing Managers' Index (PMI) stood at 50.0%, a decrease of 0.3 percentage points from the previous month, positioning it exactly at the critical threshold.

By enterprise size, the PMI for large enterprises was 51.1%, up by 0.9 percentage points from April and above the critical point. The PMI for medium-sized and small enterprises was 48.6% and 48.5%, respectively, down by 1.9 and 1.6 percentage points from the previous month, both below the critical point.

Among the five sub-indices composing the manufacturing PMI, only the production index remained above the critical point. The new orders index, raw material inventory index, employment index, and supplier delivery time index all fell below the threshold.

The production index was 51.2%, down by 0.3 percentage points from the prior month but still above the critical point, indicating continued expansion in manufacturing production activities.

The new orders index was 49.9%, down by 0.7 percentage points, suggesting a decline in the level of market demand for manufacturing.

The raw material inventory index was 48.6%, down by 0.7 percentage points, indicating a reduction in the stock of major raw materials in the manufacturing sector.

The employment index was 48.6%, down by 0.2 percentage points, reflecting a slight decrease in the level of employment activity among manufacturing firms.

The supplier delivery time index was 49.2%, down by 0.3 percentage points, showing that delivery times from suppliers of manufacturing raw materials continued to lengthen compared to the previous month.

In May, the Non-Manufacturing Business Activity Index was 50.1%, an increase of 0.7 percentage points from April, indicating a recovery in non-manufacturing sector activity.

By industry, the business activity index for the construction sector was 48.8%, up by 0.8 percentage points. The business activity index for the service sector was 50.3%, up by 0.7 percentage points. Within the service sector, industries such as railway transport, telecommunications, radio, television & satellite transmission services, and insurance had business activity indices in the high expansion range above 55.0%. Industries including air transport and real estate had business activity indices below the critical point.

The new orders index for the non-manufacturing sector was 45.0%, up by 0.7 percentage points, indicating a recovery in market demand. For the construction sector, the new orders index was 43.5%, up by 1.9 percentage points. For the service sector, it was 45.3%, up by 0.5 percentage points.

The input price index was 52.2%, up by 0.5 percentage points, suggesting a continued overall increase in input prices for non-manufacturing business activities. For construction, the input price index was 53.7%, down by 1.2 percentage points. For services, it was 52.0%, up by 0.8 percentage points.

The selling price index was 48.8%, up by 0.7 percentage points, indicating a narrowing decline in the overall selling price level for non-manufacturing firms. For construction, the selling price index was 48.6%, down by 0.4 percentage points. For services, it was 48.9%, up by 1.0 percentage points.

The employment index was 45.6%, up by 0.1 percentage points, showing a slight improvement in employment activity. For construction, the employment index was 41.4%, up by 1.8 percentage points. For services, it was 46.4%, down by 0.1 percentage points.

The business activity expectation index was 54.8%, up by 0.1 percentage points, reflecting increased confidence among non-manufacturing firms regarding market development. For construction, the expectation index was 51.5%, up by 1.0 percentage points. For services, it was 55.4%, unchanged from the previous month.

In May, the Composite PMI Output Index was 50.5%, an increase of 0.4 percentage points from April, indicating that overall production and business activities of Chinese enterprises continued to expand.