From China's National Bureau of Statistics (NBS), the manufacturing PMI comes in at 48.8

  • expected 51.4, prior 49.2
  • that expected is via Bloomberg, Reuters survey was 49.5 expected

Non-manufacturing PMI comes in at 54.5

  • expected 54.9, prior 56.4

Composite PMI is 52.9

  • prior 54.4

China's factory sector fell even further into contraction in May.


Background to this:


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.
pmi china 31 May 2023