National Bureau of Statistics: China's PMI expanded overall in May, with manufacturing at a critical point and non-manufacturing sectors rebounding.

On May 31st, the National Bureau of Statistics announced that in May, the Purchasing Managers' Index (PMI) for the manufacturing sector was 50.0%, a decrease of 0.3 percentage points from the previous month, and is at the critical point. The non-manufacturing business activity index was 50.1%, an increase of 0.7 percentage points from the previous month, indicating a recovery in the non-manufacturing sector. The comprehensive PMI output index was 50.5%, an increase of 0.4 percentage points from the previous month, indicating that overall production and business activities of Chinese enterprises remain in expansion. From the report: Operating conditions of the China Purchasing Managers' Index in May 2026 I. Operating conditions of the China manufacturing purchasing managers' index In May, the Purchasing Managers' Index (PMI) for the manufacturing sector was 50.0%, a decrease of 0.3 percentage points from the previous month, standing at the critical point. In terms of enterprise size, the PMI for large enterprises was 51.1%, an increase of 0.9 percentage points from the previous month, above the critical point; the PMIs for medium and small enterprises were 48.6% and 48.5% respectively, decreases of 1.9 and 1.6 percentage points from the previous month, both below the critical point. In terms of classification indexes, among the 5 classification indexes that make up the manufacturing PMI, the production index was above the critical point, while the new orders index, raw material inventory index, employment index, and supplier delivery time index were all below the critical point. The production index was 51.2%, a decrease of 0.3 percentage points from the previous month but still above the critical point, indicating that manufacturing production activities are expanding. The new orders index was 49.9%, a decrease of 0.7 percentage points from the previous month, indicating a slight decline in market demand for manufacturing. The raw material inventory index was 48.6%, a decrease of 0.7 percentage points from the previous month, indicating a reduction in the main raw material inventory in manufacturing. The employment index was 48.6%, a decrease of 0.2 percentage points from the previous month, indicating a slight decline in the employment level in manufacturing. The supplier delivery time index was 49.2%, a decrease of 0.3 percentage points from the previous month, indicating a continued lengthening of delivery time for raw materials suppliers in manufacturing. II. Operating conditions of the China non-manufacturing purchasing managers' index In May, the non-manufacturing business activity index was 50.1%, an increase of 0.7 percentage points from the previous month, indicating a recovery in non-manufacturing business activity. By sector, the business activity index for the construction industry was 48.8%, an increase of 0.8 percentage points from the previous month; the business activity index for the service industry was 50.3%, an increase of 0.7 percentage points from the previous month. In the service industry, the business activity indexes for railway transportation, telecommunications, broadcasting, satellite transmission services, and insurance industries were all above 55.0%, indicating a high level of prosperity; while the business activity indexes for aviation transportation and real estate industries were below the critical point. The new orders index was 45.0%, an increase of 0.7 percentage points from the previous month, indicating a slight recovery in market demand for non-manufacturing. By sector, the new orders index for the construction industry was 43.5%, an increase of 1.9 percentage points from the previous month; the new orders index for the service industry was 45.3%, an increase of 0.5 percentage points from the previous month. The input price index was 52.2%, an increase of 0.5 percentage points from the previous month, indicating an overall increase in input prices for non-manufacturing business activities. By sector, the input price index for the construction industry was 53.7%, a decrease of 1.2 percentage points from the previous month; the input price index for the service industry was 52.0%, an increase of 0.8 percentage points from the previous month. The selling price index was 48.8%, an increase of 0.7 percentage points from the previous month, indicating a narrowing of the overall selling price level for non-manufacturing. By sector, the selling price index for the construction industry was 48.6%, a decrease of 0.4 percentage points from the previous month; the selling price index for the service industry was 48.9%, an increase of 1.0 percentage points from the previous month. The employment index was 45.6%, an increase of 0.1 percentage points from the previous month, indicating a slight improvement in the level of employment in non-manufacturing. By sector, the employment index for the construction industry was 41.4%, an increase of 1.8 percentage points from the previous month; the employment index for the service industry was 46.4%, a decrease of 0.1 percentage points from the previous month. The business activity expectation index was 54.8%, an increase of 0.1 percentage points from the previous month, indicating an enhanced confidence in market development for non-manufacturing. By sector, the business activity expectation index for the construction industry was 51.5%, an increase of 1.0 percentage points from the previous month; the business activity expectation index for the service industry was 55.4%, unchanged from the previous month. III. Operating conditions of the China comprehensive PMI output index In May, the comprehensive PMI output index was 50.5%, an increase of 0.4 percentage points from the previous month, indicating that overall production and business activities of Chinese enterprises remain in expansion. This article is compiled from the "National Bureau of Statistics", edited by GMTEight: Chen Siyu.