National Bureau of Statistics Interpretation: Manufacturing Purchasing Managers' Index (PMI) in May rebounded, Non-manufacturing Business Activity Index continued to expand.

On May 31, 2025, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. Zhao Qinghe, a senior statistician at the National Bureau of Statistics Service Industry Survey Center, provided an interpretation of the data. In May, the Purchasing Managers' Index for manufacturing was 49.5%, an increase of 0.5 percentage points from the previous month; the non-manufacturing business activity index was 50.3%, a decrease of 0.1 percentage points from the previous month; and the comprehensive PMI output index was 50.4%, an increase of 0.2 percentage points from the previous month, indicating overall expansion in China's economic output. The full article is as follows: Senior Statistician Zhao Qinghe of the National Bureau of Statistics Service Industry Survey Center Interprets China's Purchasing Managers' Index in May 2025 On May 31, 2025, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. Zhao Qinghe, a senior statistician at the National Bureau of Statistics Service Industry Survey Center, provided an interpretation of the data. In May, the Purchasing Managers' Index for manufacturing rebounded to 49.5%, showing improved economic conditions compared to the previous month. 1. Manufacturing Purchasing Managers' Index Rebounds In May, the manufacturing PMI was 49.5%, indicating an improvement in economic conditions compared to the previous month. - Production in enterprises accelerated. The production index was 50.7%, an increase of 0.9 percentage points from the previous month, reaching above the critical point, indicating a slight acceleration in manufacturing production activities. The new orders index was 49.8%, an increase of 0.6 percentage points from the previous month. In terms of industries, production and new orders indices for industries such as agricultural food processing, special equipment, railway, ship, aviation, and aerospace equipment were above 54.0%, showing fast growth in supply and demand; while industries such as textiles, chemical fiber and rubber plastic products, black metal smelting and rolling processing, and non-ferrous metal smelting and rolling processing had indices below the critical point, indicating insufficient production and demand release. - PMI for large enterprises rose to above the critical point. The PMI for large enterprises was 50.7%, an increase of 1.5 percentage points from the previous month, re-entering the expansion zone, with production and new orders indices of 51.5% and 52.5% respectively, an increase of 1.7 and 3.0 percentage points from the previous month; the PMI for medium-sized enterprises was 47.5%, a decrease of 1.3 percentage points from the previous month, indicating a drop in economic conditions; the PMI for small enterprises was 49.3%, an increase of 0.6 percentage points from the previous month, showing a slight improvement in economic conditions. - High-tech manufacturing continues to expand. In terms of key industries, the PMI for high-tech manufacturing was 50.9%, maintaining expansion for four consecutive months, showing a good development trend; the PMIs for equipment manufacturing and consumer goods industries were 51.2% and 50.2% respectively, an increase of 1.6 and 0.8 percentage points from the previous month, showing a general increase in economic conditions; the PMI for high-energy-consuming industries was 47.0%, a decrease of 0.7 percentage points from the previous month, indicating a relatively low market activity. - Both import and export indices rebounded. The new export orders index and the import index were 47.5% and 47.1% respectively, an increase of 2.8 and 3.7 percentage points from the previous month. Some surveyed enterprises... The translation was too long for a single response. If you would like to see more, please let me know!