Bureau of Statistics: China's PMI was 51.0% in May and maintained a steady expansion of the manufacturing industry.

I. the Operation of Purchasing Manager Index in China's Manufacturing Industry

In May, the purchasing managers' index ((PMI)) of China's manufacturing sector was 51.0 per cent, slightly lower than 0.1 per cent last month and remained above the tipping point, while the manufacturing sector maintained steady expansion.

In terms of enterprise size, the PMI of large and medium-sized enterprises was 51.8% and 51.1% respectively, up 0.1% and 0.8% over the previous month, both above the tipping point, while the PMI of small enterprises was 48.8%, down 2.0% from the previous month, below the tipping point.

From the perspective of classification index, among the five sub-indices of manufacturing PMI, the production index and new order index are higher than the critical point, while the raw material inventory index, employee index and supplier delivery time index are lower than the critical point.

The production index was 52.7 per cent, up 0.5 percentage points from the previous month and above the tipping point, indicating that the expansion of manufacturing production has intensified.

The new orders index was 51.3 per cent, down 0.7 percentage points from last month and above the tipping point, indicating a slowdown in demand growth in the manufacturing market.

The inventory index of raw materials was 47.7%, down 0.6 percentage points from the previous month and below the critical point, indicating a decrease in the inventory of major raw materials in the manufacturing industry.

The employment index was 48.9%, down 0.7 percentage points from the previous month and below the tipping point, indicating that the employment of manufacturing enterprises is lower than the previous month.

The supplier delivery time index was 47.6%, down 1.1 percentage points from the previous month and below the critical point, indicating that the delivery time of manufacturing raw material suppliers has been further extended.

II. Operation of purchasing managers' index in China's non-manufacturing industry

In May, the non-manufacturing business activity index was 55.2%, up 0.3 percentage points from the previous month, and the pace of non-manufacturing expansion accelerated.

In terms of sectors, the business activity index of the construction industry was 60.1%, up from 2.7 percentage points last month. The service sector business activity index was 54.3%, down from 0.1 percentage points last month. From the perspective of the industry, the business activity index of railway transport, air transport, accommodation, telecommunications, radio and television satellite transmission services, culture, sports and entertainment and other industries is above 60.0%; the business activity index of water transport, capital market services, real estate and other industries is below the critical point.

The new orders index was 52.2 per cent, up 0.7 percentage points from the previous month and above the tipping point, indicating that demand in the non-manufacturing market continues to grow. In terms of sectors, the index of new orders in the construction industry was 53.8 percent, up 1.4 percentage points from the previous month; and the index of new orders in the service sector was 52.0 percent, up 0.7 percentage points from the previous month.

The input price index was 57.7%, up 2.8 percentage points from the previous month, higher than the tipping point, indicating an increase in the price of inputs used by non-manufacturing enterprises for business activities. In terms of sectors, the price index of inputs in the construction industry was 73.6 percent, up 8.9 percentage points from the previous month, while the price index of inputs in services was 54.9 percent, up 1.8 percentage points from the previous month.

The sales price index was 52.8 per cent, up 1.6 percentage points from the previous month and above the tipping point, indicating an increase in non-manufacturing sales prices. In terms of sectors, the sales price index of the construction industry was 57.0 percent, up 0.3 percentage points from the previous month; and the sales price index of services was 52.0 percent, up 1.8 percentage points from the previous month.

The employment index was 48.9%, up 0.2 percentage points from the previous month, indicating a slight improvement in non-manufacturing employment. In terms of sectors, the employment index of the construction industry was 53.0 percent, up 2.0 percentage points from the previous month, while the employment index of the service industry was 48.2 percent, down 0.1 percentage points from the previous month.

The business activity expectation index was 62.9%, down 0.1 percentage points from the previous month, and continues to be in the high boom range, indicating that non-manufacturing enterprises are optimistic about the development of the industry. In terms of sub-sectors, the expected index of business activities in the construction industry was 65.7%, up 0.9 percentage points from the previous month, while the expected index of business activities in the service industry was 62.4%, down 0.3 percentage points from the previous month.

III. Operation of China's Comprehensive PMI output Index

In May, the composite PMI output index was 54.2%, up 0.4% from the previous month, indicating that the overall production and business activities of Chinese enterprises continued to expand steadily.