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China's manufacturing PMI down in May

Xinhua | May 31, 2023

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.