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China's manufacturing PMI down in May

0 Comment(s)Print E-mail Xinhua, May 31, 2023
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A welding robot works at a workshop of China Railway Rolling Stock Corporation (CRRC) Qiqihar Rolling Stock Co., Ltd. in Qiqihar, northeast China's Heilongjiang Province, April 19, 2023. [Photo/Xinhua]

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 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.

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.

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

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