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Published: 10:46, May 31, 2023 | Updated: 13:47, May 31, 2023
China's manufacturing PMI down in May
By Xinhua
Published:10:46, May 31, 2023 Updated:13:47, May 31, 2023 By Xinhua

This undated photo shows a worker processing products at a textile factory in Qingdao, Shandong province. (CHU BAORUI / FOR CHINA DAILY)

BEIJING - 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 non-manufacturing PMI has remained above 54 this year, indicating a sustained recovery, NBS statistician Zhao Qinghe said   

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.

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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.

Non-manufacturing sector up

Wednesday's data also revealed that the PMI for China's non-manufacturing sector stood at 54.5 in May, remaining in expansion territory.

China's non-manufacturing PMI has remained above 54 this year, indicating a sustained recovery, according to Zhao.

The sub-index for the service sector was 53.8 in May, higher than the reading of 47.1 a year ago. In particular, the business activities sub-indexes of transport, accommodation and catering stood well above 55 as traveling and offline consumption picked up during the May Day holiday.

The construction sector maintained brisk growth this month with its sub-index for business activities standing at 58.2, Zhao noted. The sub-index measuring expectations for activities in the sector came in at 62.1, revealing strong optimism among construction enterprises.

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