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China manufacturing PMI remains steady, signals economic stabilization
June 1, 2016, 4:47 am

Workers at the production base of FAW-Volkswagen in Chengdu, Sichuan province, China [Xinhua]

Workers at the production base of FAW-Volkswagen in Chengdu, Sichuan province, China [Xinhua]

China’s manufacturing sector expansion remained steady in May, official data showed on Wednesday.

The purchasing managers’ index (PMI) for May came in at 50.1, the same as in April, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

NBS statistician Zhao Qinghe said the country’s manufacturing activity maintained steady growth last month, partly due to expansion of high-technology manufacturing and consumer goods manufacturing.

High-technology manufacturing PMI hit 50.8 and consumer goods manufacturing PMI stood at 51.5.

The sub-index measuring production stood at 52.3, slightly up from 52.2 a month earlier, and higher than the first quarter’s average of 51.3.

The sub-index for new orders settled at 50.7, slightly lower than 51 in the previous month but remaining in expansion territory for a third month, indicating steady market demand.

 

Source: Agencies

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