China's Purchasing Managers Index released in May: Manufacturing production continues to expand, new momentum maintains growth momentum
The China Federation of Logistics and Purchasing and the Service Industry Survey Center of the National Bureau of Statistics released the China Purchasing Managers Index in May today. Judging from the manufacturing purchasing managers' index, there was a correction in the index in May, but production continued to expand, new drivers maintained a growth trend, and economic development still has the foundation for a stable recovery.
China's manufacturing purchasing managers' index in May was 49.5%, down 0.9 percentage points from the previous month. Affected by factors such as the rapid growth of the manufacturing industry in the early stage and the formation of a high base and insufficient effective demand, the prosperity level of the manufacturing industry has declined.
From the perspective of sub-indexes, the production of manufacturing enterprises continues to expand. Driven by a combination of policies such as large-scale equipment updates and trade-in of consumer goods, companies' willingness to produce continues to increase. The production index in May was 50.8%, continuing to be above the critical point.
In addition, new driving forces continue to maintain growth momentum. The equipment manufacturing purchasing managers' index in May was 50.7%, still in the expansion range, and the production index and new order index both remained at a high level of around 52%. The high-tech manufacturing purchasing managers' index was 50.7%, remaining in the expansion range for seven consecutive months. The production index and new orders index remained above 52% and 51% respectively.
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