China NBS service survey chief Huo Lihui said May manufacturing PMI was 50.0%, down 0.3 percentage points MoM. Non-manufacturing business activity index was 50.1% and the composite PMI output index 50.5%, up 0.7 and 0.4 percentage points respectively, leaving overall output in expansion. New-growth drivers strengthened: high-tech manufacturing PMI 52.9% (+0.7 ppt MoM) and equipment manufacturing PMI 52.1% (+0.3 ppt), both above the 50 threshold; high-tech PMI has been in expansion for 16 months.

China NBS service survey chief Huo Lihui said May manufacturing PMI was 50.0%, down 0.3 percentage points MoM. Non-manufacturing business activity index was 50.1% and the composite PMI output index 50.5%, up 0.7 and 0.4 percentage points respectively, leaving overall output in expansion. New-growth drivers strengthened: high-tech manufacturing PMI 52.9% (+0.7 ppt MoM) and equipment manufacturing PMI 52.1% (+0.3 ppt), both above the 50 threshold; high-tech PMI has been in expansion for 16 months. Consumer goods PMI fell to 49.7% (-1.0 ppt) and high-energy-consuming industries PMI to 47.1% (-0.8 ppt), signalling weaker market activity in those sectors.