MNI China Business Sentiment Indicator for May: 49.7

  • April was 48.8

  • A bounce from the previous month, which was the lowest since the start of 2009
  • Still in contractionary territory (for the second consecutive month)
  • But first gain since December


  • Measures of output and demand recovered in May
  • Both are still down since the start of the year
  • Outlook for future orders and output increased to levels seen at the end of 2014
  • Availability of Credit Indicator fell back into contraction in May
  • Input Prices falling further ... now lowest since July 2013
  • Prices Received near a six-year low