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A worker carries out welding operations in the workshop, Weifang, Shandong Province, China, March 31, 2023. /CFP
China's purchasing managers' index (PMI) for the manufacturing sector came in at 48.8 in May, down from 49.2 in April, data from the National Bureau of Statistics (NBS) showed Wednesday.
The 50-point mark on the index separates expansion and contraction in activity on a monthly basis.
The sub-index for large enterprises stood at 50.0 in May, up 0.7 points from the previous month. However, the small and medium-sized enterprises remained in contraction, with sub-indexes registering 47.9 and 47.6 points, respectively.
China's economic growth trend has receded and the foundation for recovery and development still needs to be consolidated, said NBS senior statistician Zhao Qinghe.
China's non-manufacturing activity remained in expansion territory in May, with the PMI for the sector coming in at 54.5, down 1.9 index points from last month.
The PMI data reveal that China may be heading towards a 'K-shaped' recovery, according to Bruce Pang, JLL's chief economist and head of research in Greater China, referring to the term depicting a scenario where different parts of an economy recover at different rates and times after a downturn.
Pang said he expects an uneven rebound of manufacturing and non-manufacturing activities in the near term.
Efficient and effective policy moves are still needed to deliver sustainable growth on the back of strong internal drivers and sufficient domestic demand, Pang said.
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Disinformation report hotline: 010-85061466