May RatingDog China manufacturing PMI 51.8, down 0.4 percentage points from
April. Production and demand remain in expansion but momentum slowed; output
rose but at a weaker pace. Total new orders continued to expand more slowly; new
export orders declined from April into contraction. Cost and price pressures
eased: input-material price gains narrowed and output price growth decelerated;
firms’ pass‑through moderated. Overall manufacturing expansion slowed but
underlying activity remains stable; continued new orders and output support the
sector and easing cost pressure helps profit prospects, while weaker external
demand is a downside risk.
