In May, the Purchasing Managers'Index(PMI) of the manufacturing industry was 48.8%, a decrease of 0.4 percentage points from the previous month, below the critical point, and the level of the manufacturing industry's prosperity slightly declined; the non -manufacturing business activity index is 54.5%, a decrease of 1.9 percentage points from the previous month, still above the critical point, and the non -manufacturing industry continues to recover.

According to data from the National Bureau of Statistics, in May, the Purchasing Managers'Index(PMI) of the manufacturing industry was 48.8%, a decrease of 0.4 percentage points from the previous month, below the critical point, and the level of manufacturing prosperity slightly declined. In May, the non -manufacturing business activity index was 54.5%, a decrease of 1.9 percentage points from the previous month, still above the critical point, and the non -manufacturing industry continued to recover. Zhao Qinghe, a senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, interpreted this.

1 、 Operation of China's Manufacturing Purchasing Manager Index

In May, the Manufacturing Purchasing Managers'Index(PMI) was 48.8%, a decrease of 0.4 percentage points from the previous month, below the critical point, and the level of manufacturing prosperity slightly declined.

From the perspective of enterprise scale, the PMI of large enterprises is 50.0%, an increase of 0.7 percentage points compared to the previous month, which is at the critical point; The PMI of small and medium-sized enterprises was 47.6% and 47.9% ,respectively, a decrease of 1.6 and 1.1 percentage points compared to the previous month, below the critical point.

From the perspective of sub indices, among the five sub indices that make up the manufacturing PMI, the supplier delivery time index is above the critical point, while the production index, new order index, raw material inventory index, and employee index are all below the critical point.

The production index was 49.6%, a decrease of 0.6 percentage points from the previous month, indicating a slowdown in manufacturing production activity; The new order index was 48.3%, a decrease of 0.5 percentage points from the previous month, indicating that demand in the manufacturing market continues to decline; The raw material inventory index was 47.6%, a decrease of 0.3 percentage points from the previous month, indicating an expansion of the major decline in major raw material inventory in the manufacturing industry.

The employee index was 48.4%, a decrease of 0.4 percentage points from the previous month, indicating a decrease in the employment prospects of manufacturing enterprises; the supplier delivery time index is 50.5%, an increase of 0.2 percentage points from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry continues to accelerate.

2 、 Operation of China's Non Manufacturing Purchasing Managers Index

In May, the non -manufacturing business activity index was 54.5%, a decrease of 1.9 percentage points from the previous month, still above the critical point, and the non -manufacturing industry continued to recover.

By industry, the business activity index of the construction industry was 58.2%, a decrease of 5.7 percentage points compared to the previous month; The business activity index of the service industry was 53.8%, a decrease of 1.3 percentage points from the previous month. From a specific industry perspective, the business activity index of industries such as railway transportation, water transportation, air transportation, telecommunications, broadcasting, television, and satellite transmission services, internet software, and information technology services is in the high prosperity range of over 60.0%; The business activity index of industries such as capital market services and real estate is below the critical point.

The new order index was 49.5%, a decrease of 6.5 percentage points from the previous month, below the critical point, indicating a decline in demand in the non -manufacturing market. Looking at different industries, the new order index of the construction industry was 49.5%, a decrease of 4.0 percentage points compared to the previous month; the index of new orders in the service industry was 49.5%, a decrease of 6.9 percentage points compared to the previous month.

The input price index was 47.4%, a decrease of 3.7 percentage points compared to the previous month, below the critical point, indicating that the overall level of input prices used for business activities by non -manufacturing enterprises has shifted from an upward trend to a downward trend. Looking at different industries, the input price index of the construction industry was 44.7%, a decrease of 3.4 percentage points compared to the previous month; the service industry 's input price index was 47.9%, a decrease of 3.8 percentage points from the previous month.

The sales price index was 47.6%, a decrease of 2.7 percentage points from the previous month, below the critical point, indicating a decrease in the overall level of non -manufacturing sales prices compared to the previous month. Looking at different industries, the sales price index of the construction industry was 46.9%, a decrease of 4.6 percentage points compared to the previous month; the sales price index of the service industry was 47.8%, a decrease of 2.3 percentage points from the previous month.

The employee index was 48.4%, an increase of 0.1 percentage points from the previous month, indicating a slight rebound in the employment situation of non -manufacturing enterprises. Looking at different industries, the construction industry employee index was 48.5%, an increase of 0.2 percentage points compared to the previous month; The service industry employee index was 48.3%, an increase of 0.1 percentage points from the previous month.

The expected index of business activities is 60.4%, a decrease of 2.1 percentage points from the previous month, continuously staying in the high economic range, indicating that non -manufacturing enterprises continue to be optimistic about the recent market recovery and development. Looking at different industries, the expected index of business activities in the construction industry is 62.1%, a decrease of 2.0 percentage points compared to the previous month; The expected index of service industry business activity is 60.1%, a decrease of 2.2 percentage points from the previous month.

3 、 Operation of China's Comprehensive PMI Output Index

In May, the comprehensive PMI output index was 52.9%, a decrease of 1.5 percentage points from the previous month, and it continued to remain in the prosperous range, indicating that the overall production and operation of Chinese enterprises continued to recover and develop.

PMI slightly decreased in May

Non -manufacturing business activity index continues to expand

On May 31, 2023, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. Zhao Qinghe, a senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, interpreted this.

In May, the manufacturing purchasing managers , non -manufacturing business activity index, and comprehensive PMI output index were 48.8%, 54.5%, and 52.9%, respectively, lower than the previous month's 0.4% 1.9, and 1.5 percentage points. The level of China's economic prosperity has declined, and the foundation for recovery and development still needs to be consolidated.

1 、 Manufacturing Purchasing Managers Index Slightly Decreased

In May, the PMI of the manufacturing industry continued to be in the contraction range. Among the 21 industries surveyed, 11 were in the expansion range, and the industry prosperity showed a certain degree of differentiation.

12 There has been a slowdown in both production and demand. The production index and new order index were 49.6% and 48.3% respectively, a decrease of 0.6 and 0.5 percentage points compared to the previous month, both within the contraction range. The manufacturing market demand is still insufficient, and the release of enterprise capacity is constrained. From an industry perspective, the food and beverage ,refined tea, medicine, specialized equipment, railway, ship, aerospace equipment, electrical and mechanical equipment and other industries have both been in the expansion range for three consecutive months. with production and demand maintaining growth; The production index of industries such as textiles, clothing, computer communication and electronic equipment has risen to the expansion range, and production has improved month by month. The chemical raw materials and chemical products, non-metallic mineral products, and ferrous metal smelting and rolling processing industries are both in the low prosperity range of below 45.0%, with a significant decline in production and demand.

2 The price index continues to decline. Affected by factors such as the recent continuous decline in some commodity prices and weak market demand, the main raw material purchase price index and factory price index were 40.8% and 41.6%, respectively, a decrease of 5.6 and 3.3 percentage points compared to the previous month, reaching recent lows. Among them, the price indices of industries such as petroleum, coal and other fuel processing, chemical raw materials and products, and ferrous metal smelting and rolling processing are both below 31.0%, indicating low market activity in the upstream and downstream markets of the industry.

3 Large enterprise PMI has reached a critical point. The PMI of large enterprises was 50.0%, which is 0.7 percentage points higher than the previous month. The production index and new order index were 51.5% and 50.3%, respectively, an increase of 1.4 and 1.3 percentage points compared to the previous month. Production and demand expanded simultaneously. The PMI of small and medium-sized enterprises was 47.6% and 47.9%, respectively, a decrease of 1.6 and 1.1 percentage points compared to the previous month. The prosperity of small and medium-sized enterprises remains weak.

( ( 4 ) The prosperity level of some key industries has rebounded. The PMI of equipment manufacturing, high-tech manufacturing, and consumer goods industries were 50.4%, 50.5%, and 50.8%, respectively, which were 0.3,1.2 and 1.0 percentage points higher than the previous month, with varying degrees of expansion compared to the previous month. The recovery momentum of high energy consuming industries is insufficient, and the industry PMI has dropped to 45.8%, the lowest point in nearly 10 months.

5 5 Corporate confidence is generally stable. The expected index of production and business activities is 54.1%, which is 0.2 percentage points higher than the same period last year. The operation is basically stable, and the enterprise remains optimistic about the recent development of the industry. From an industry perspective, out of the 21 industries surveyed, 16 of them have expected production and business activity indices in the expansion range. Among them, industries such as railway, shipbuilding, aerospace equipment, and electrical machinery equipment have been in the high prosperity range of over 60.0% for 5 consecutive months, and the industry market expectation continues to improve.

2 、 Non -manufacturing business activity index continues to expand

In May, the non -manufacturing business activity index was 54.5%, 1.9 percentage points lower than the previous month. Since the beginning of this year, it has remained in the economic range above 54.0%, and the non -manufacturing industry has continued to recover.

1 The service industry has steadily recovered. Driven by factors such as the accelerated recovery of consumer demand, the business activity index of the service industry has been in a higher economic range for three consecutive months from February to April this year. Although the index has retreated by 1.3 percentage points to 53.8% this month, it is still 6.7 percentage points higher than the same period last year. The service industry continues to maintain a rapid recovery trend. From an industry perspective, driven by the May Day holiday effect, tourism and offline consumption are more active. The business activity index of industries such as railway transportation, air transportation, accommodation, and catering are all in a relatively high prosperity range of over 55.0%; the new driving force of the service industry is developing well. The business activity index of industries such as telecommunications, broadcasting, television, satellite transmission services, internet software, and information technology services are all at a high level of over 60.0%, consistently higher than the overall level of the service industry. At the same time, the business activity index of industries such as capital market services and real estate are all in the contraction range, and the level of industry prosperity is declining. From the perspective of market expectations, the expected index of business activities is 60.1%, which has remained in a high economic range since the beginning of this year, and all surveyed industries are in the expansion range. Service industry enterprises continue to be optimistic about the recovery and development of the market.

2 The construction industry has experienced a high level correction. The business activity index of the construction industry is 58.2%, which is 5.7 percentage points lower than the previous month. It is still in a relatively high economic range, and the construction industry continues to maintain rapid growth. From the perspective of market expectations, the expected index of business activities is 62.1%, which is 2.0 percentage points lower than the previous month and continues to be in the high economic range of over 60.0%. Construction industry enterprises are optimistic about the recent market development prospects.

3 、 The comprehensive PMI output index continues to expand

In May, the comprehensive PMI output index was 52.9%, 1.5 percentage points lower than the previous month, and it continued to remain in the prosperous range, indicating that the overall production and operation of Chinese enterprises continued to recover and develop. The manufacturing production index and non -manufacturing business activity index, which constitute the comprehensive PMI output index, are 49.6% and 49.6% respectively