China National Bureau of Statistics (NBS) June 2023 PMIs

Manufacturing 49.0

  • expected 49, prior 48.8
  • 12 industries out of 21 showed expansion in their PMI, 4 more than in May

Services 53.2

  • expected 53.7, prior 54.5

Composite 52.3

  • prior 52.9

Manufacturing PMI in contraction for the third straight month. Services just a little lower on the month but well into expansion still.


Next week we'll get the privately surveyed PMIs. That is, China has two primary Purchasing Managers' Index (PMI) surveys - the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.

  • The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers more small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China's private sector.
  • Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey. Despite these differences, the two surveys often provide similar readings on China's manufacturing sector.