China's May Manufacturing PMI at 50.0, Meeting Market Expectations

(Central News Agency, Taipei, 31st) Official data released by China today shows that China's manufacturing PMI for May was 50.0, at the threshold, meeting market expectations. The latest data released by China's National Bureau of Statistics today shows that China's manufacturing Purchasing Managers' Index (PMI) for May was 50.0, down 0.3 percentage points from the previous month. The data shows that China's non-manufacturing business activity index for May was 50.1, up 0.7 percentage points from the previous month. The composite PMI output index for May was 50.5, up 0.4 percentage points from the previous month. Huo Lihui, chief statistician at the Service Industry Survey Center of the National Bureau of Statistics of China, interpreted the data by stating that the manufacturing PMI of 50.0 in May indicates that the production and operation of enterprises remain generally stable. The production index was 51.2, above the threshold, indicating that manufacturing enterprises' production activities continue to maintain expansion; the new order index was 49.9, indicating that market demand has slowed down. Huo pointed out that the major raw material purchase price index and the ex-factory price index were 60.5 and 51.9 respectively, both down 3.2 percentage points from the previous month, but still at a relatively high level recently. Both indices have been in the expansion range for five consecutive months, and the overall level of market prices in the manufacturing industry continues to rise. Huo also said that the composite PMI output index for May was 50.5, up 0.4 percentage points from the previous month, indicating that the production and operation activities of Chinese enterprises are generally maintaining expansion. A PMI value above 50 indicates that economic activity or industry conditions are in an expansionary state, while below 50 indicates a contraction.