The China Federation of Logistics and Purchasing released data on May 31, 2026, showing that the manufacturing PMI for May was 50%, returning to a critical point and stabilizing the overall operation of the manufacturing industry. The production index is 51.2%, standing above 51% for three consecutive months, indicating a continuous expansion of enterprise production activities.

The performance of the new momentum is impressive. The PMI of high-tech manufacturing industry reached 52.9%, and the PMI of equipment manufacturing industry was 52.1%, up 0.7 and 0.3 percentage points respectively from the previous month, showing an accelerated expansion trend. The new export order index of the two major industries is both above 51%, indicating a strong demand from overseas and a steady trend towards a new and better direction.

Non manufacturing industries are recovering synchronously. The non manufacturing business activity index for May was 50.1%, up 0.7 percentage points from the previous month, returning to the expansion range. Infrastructure investment related activities remain stable, holiday consumption drives the recovery of some industries, and the information service industry continues its rapid growth momentum.

Overall, the economic data in May sent a signal of synchronous repair between supply and demand, with the leading role of new momentum increasing. However, the manufacturing industry is still at a critical point, and the subsequent policy efforts are still crucial.Editor/Cheng Liting