The China Purchasing Managers' Index (PMI) for May was released on May 31 by the National Bureau of Statistics Service Survey Center and the China Federation of Logistics & Purchasing. The manufacturing PMI for May stood at 50.0%, a decrease of 0.3 percentage points from the previous month. The non-manufacturing business activity index and the composite PMI output index were 50.1% and 50.5%, respectively, rising by 0.7 and 0.4 percentage points from the previous month, indicating that China's overall economic output continued to expand.
In May, the manufacturing PMI was 50.0%, reflecting that the overall production and operational status of enterprises remained stable.
(1) Enterprise production continued to expand. The production index was 51.2%, above the threshold, indicating that production activities in the manufacturing sector continued to expand. The new orders index was 49.9%, showing a slowdown in market demand. By sector, the production and new orders indices for industries such as pharmaceuticals, railway, ship, aerospace equipment, and computer, communication, and electronic equipment were all above 53.0%, indicating active supply and demand in these related industries. In contrast, indices for industries such as petroleum, coal, and other fuel processing, chemical fibers, rubber and plastic products, and non-metallic mineral products remained below the threshold, reflecting continued weakness in both supply and demand.
(2) The development momentum of new growth drivers continued to improve. The PMI for high-tech manufacturing and equipment manufacturing were 52.9% and 52.1%, respectively, up by 0.7 and 0.3 percentage points from the previous month, both remaining above the threshold. Notably, the high-tech manufacturing PMI has been in the expansion zone for 16 consecutive months, with these related industries maintaining a favorable growth trend and the leading role of new growth drivers continuing to be evident. The PMI for consumer goods industries and high-energy-consuming industries were 49.7% and 47.1%, respectively, down by 1.0 and 0.8 percentage points from the previous month, indicating a decline in market activity.
(3) The PMI for large enterprises remained above the threshold. The PMI for large enterprises was 51.1%, an increase of 0.9 percentage points from the previous month, and has consistently remained in the expansion zone this year, indicating that large enterprises continued to maintain favorable production and operational conditions. The PMI for medium and small enterprises were 48.6% and 48.5%, respectively, reflecting a decline in their business climate.
(4) Price indices exhibited high-level fluctuations. The main raw material purchase price index and the ex-factory price index were 60.5% and 51.9%, respectively, both down by 3.2 percentage points from the previous month but still at relatively high levels in recent periods. Both indices have remained in the expansion zone for five consecutive months, indicating a continued overall increase in market prices in the manufacturing sector. By industry, the two price indices for sectors such as textiles, chemical fibers, rubber and plastic products, and ferrous metal smelting and rolling processing have all been above 55.0% for three consecutive months, reflecting sustained increases in the overall price levels for purchases and sales in these related industries.