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China's official NBS Manufacturing PMI rose to 49.5 in May 2025 from April’s 16-month low of 49.0, matching market expectations while marking the second straight month of contraction in factory activity. Output rebounded (50.7 vs 49.8 in April), supported by a trade war truce and Beijing’s ongoing efforts to stimulate domestic demand and shore up the sluggish economy. Additionally, new orders (49.8 vs 49.2), foreign sales (47.5 vs 44.7), and employment (48.1 vs 47.9) all declined at a slower rate. A similar trend was seen in buying activity, which fell for the second consecutive month, though the pace of decline eased (47.6 vs 46.3). Delivery times were broadly unchanged (50.0 vs 50.2), lengthening at the slowest pace since September 2024. On the price front, both input costs (46.9 vs 47.0) and selling prices (44.7 vs 44.8) posted their sharpest drops in eight months. Looking ahead, business confidence improved after hitting a seven-month low in April (52.5 vs 52.1).