China's manufacturing PMI down in May
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E-mail Xinhua, May 31, 2023
A welding robot works at a workshop of China Railway Rolling Stock Corporation (CRRC) Qiqihar Rolling Stock Co., Ltd. in Qiqihar, northeast China's Heilongjiang Province, April 19, 2023. [Photo/Xinhua]
The purchasing managers' index (PMI) for China's manufacturing sector came in at 48.8 in May, down from 49.2 in April, data from the National Bureau of Statistics (NBS) showed Wednesday.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
China's economy still needs to consolidate its basis during the recovery, NBS statistician Zhao Qinghe said.
Among the 21 surveyed sub-sectors, 11 remained in the expansion zone, NBS data showed.
The production index and the new orders index came in at 49.6 and 48.3, respectively.
The PMIs of equipment manufacturing, high-tech manufacturing, and consumer products industries stood at 50.4, 50.5 and 50.8, respectively.
Market sentiment remained stable as the sub-reading for business expectation stood at 54.1, Zhao said.
Wednesday's data also revealed that the PMI for China's non-manufacturing sector stood at 54.5 in May, remaining in expansion territory.
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