According to data released by the Service Industry Survey Center of the National Bureau of Statistics and China Federation of Logistics and Purchasing on May 31, in May, China's manufacturing purchasing managers' index (PMI) was 49.6%, an increase of 2.2 percentage points from the previous month. it has been improved.
"In May, the resumption of work and production in areas that were more affected by the epidemic gradually advanced, and the manufacturing PMI rose to 49.6% from a low base level in April. Among the 21 industries surveyed, the industries with PMI in the expansion range increased from last month's From 9 to 12, the manufacturing sector has shown positive changes," said Zhao Qinghe, senior statistician at the Service Industry Survey Center of the National Bureau of Statistics.
Both production and demand have recovered. In May, the production index and new orders index were 49.7% and 48.2%, respectively, up 5.3 and 5.6 percentage points from the previous month, indicating that both manufacturing production and demand recovered to varying degrees, but the recovery momentum still needs to be strengthened.
The PMIs of enterprises of all sizes rose simultaneously. In May, the PMI of large enterprises was 51%, 2.9 percentage points higher than the previous month, returning to the expansion range. The PMIs of small and medium-sized enterprises were 49.4% and 46.7% respectively, 1.9 and 1.1 percentage points higher than the previous month. Although they were still lower than the threshold, the level of prosperity had improved.
Zhao Qinghe said that the survey results show that a series of policies recently introduced to open up logistics and industrial upstream and downstream connection blocking points have shown some results. Good logistics ensure smooth work, and ensure the stability of the industrial chain and supply chain.
"The PMI index rebounded in May, indicating that the impact of the epidemic has weakened significantly, and the effects of various policies to stabilize growth and protect people's livelihood have begun to show. However, it should also be noted that the PMI index is still below the 50% line of prosperity and decline, and the impact of the epidemic on economic growth is still It should not be underestimated." Zhang Liqun, a researcher at the Macroeconomic Research Department of the Development Research Center of the State Council, said that it is necessary to further efficiently coordinate epidemic prevention and control and economic and social development, effectively respond to the triple pressure with greater strength, release the potential for economic growth as soon as possible, and continuously enhance the momentum of economic recovery. .
PMI is one of the leading indicators commonly used in the world to monitor macroeconomic trends. PMI usually takes 50% as the dividing point of economic strength. When the PMI is higher than 50%, it reflects the expansion of the manufacturing economy; if it is lower than 50%, it reflects the contraction of the manufacturing economy.