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中国5月制造业采购经理人指数升至49.5（之前为49.0），非制造业为50.3（之前为50.4）。我怀疑，随着这一日期的临近，兴奋和兴奋将会增加，但最终会破灭。抱怨够多了，周末到了！

China May Manufacturing PMI rose to 49.5 (prior 49.0), Non-manufacturing 50.3 (prior 50.4).I suspect as that date approaches excitement and pumping will build, only to be dashed. Enough whining, its the weekend!

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China’s official NBS Non-Manufacturing PMI edged down to 50.3 in May 2025 from 50.4 in the previous month, missing market expectations of 50.6 and marking the lowest level since January. The latest reading underscored concerns over the impact of rising U.S. tariffs on China’s service sector, despite a temporary trade war pause between Beijing and Washington. Still, both new orders (46.1 vs 44.9) and foreign demand (48.0 vs 42.2) shrank at a slower pace. At the same time, employment remained weak (45.5 vs 45.5), while delivery times lengthened slightly (51.1 vs 50.8), indicating lingering supply chain pressures. On the cost side, input prices declined for the fourth straight month, although the pace of decline moderated (48.2 vs 47.8). Selling prices also fell but at the softest rate since September 2024 (47.3 vs 46.6). Finally, business confidence remained positive despite slipping to its lowest in eight months (55.9 vs 56.0).

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China’s official NBS Non-Manufacturing PMI edged down to 50.3 in May 2025 from 50.4 in the previous month, missing market expectations of 50.6 and marking the lowest level since January. The latest reading underscored concerns over the impact of rising U.S. tariffs on China’s service sector, despite a temporary trade war pause between Beijing and Washington. Still, both new orders (46.1 vs 44.9) and foreign demand (48.0 vs 42.2) shrank at a slower pace. At the same time, employment remained weak (45.5 vs 45.5), while delivery times lengthened slightly (51.1 vs 50.8), indicating lingering supply chain pressures. On the cost side, input prices declined for the fourth straight month, although the pace of decline moderated (48.2 vs 47.8). Selling prices also fell but at the softest rate since September 2024 (47.3 vs 46.6). Finally, business confidence remained positive despite slipping to its lowest in eight months (55.9 vs 56.0).

暂无中文版本，请点击原文

China’s official NBS Non-Manufacturing PMI edged down to 50.3 in May 2025 from 50.4 in the previous month, missing market expectations of 50.6 and marking the lowest level since January. The latest reading underscored concerns over the impact of rising U.S. tariffs on China’s service sector, despite a temporary trade war pause between Beijing and Washington. Still, both new orders (46.1 vs 44.9) and foreign demand (48.0 vs 42.2) shrank at a slower pace. At the same time, employment remained weak (45.5 vs 45.5), while delivery times lengthened slightly (51.1 vs 50.8), indicating lingering supply chain pressures. On the cost side, input prices declined for the fourth straight month, although the pace of decline moderated (48.2 vs 47.8). Selling prices also fell but at the softest rate since September 2024 (47.3 vs 46.6). Finally, business confidence remained positive despite slipping to its lowest in eight months (55.9 vs 56.0).