PMI Photo:VCG
China non-manufacturing purchasing managers' index (PMI) and the comprehensive PMI remained above expansion territory in May, indicating that China's overall economic output continued to expand while enterprise production and business activities have maintained the recovery momentum, according to data released by the National Bureau of Statistics (NBS) on Friday.
The non-manufacturing PMI stood at 51.1, remaining basically flat month-on-month as the sector continued to expand. The comprehensive PMI stood at 51.0, down 0.7 points while still remaining above the expansion territory, indicating that China's enterprise production and business activities have maintained momentum of recovery and development, Zhao Qinghe, an NBS statistician, said in a notice on Friday.
A reading above 50 indicates expansion, while one below reflects contraction.
Major improvement has been seen in investment, consumption and trade amid the country's economic revival, and the momentum is expected to continue, Li Chang'an, a professor at the Academy of China Open Economy Studies of the University of International Business and Economics, told the Global Times on Friday.
China's economic development has maintained solid recovery in 2024, with major indicators showing an upward trajectory. The International Monetary Fund on Wednesday raised China's GDP growth forecast for 2024 to 5 percent, up 0.4 percentage points from its World Economic Outlook report released in April, further adding to a growing number of optimistic signs that the Chinese economy remains on a solid recovery track.
However, China's manufacturing PMI in May came in at 49.5, down 0.9 points from the previous month, which was affected by a relatively high base and lack of effective demand, Zhao said.
The May Day holidays affected China's manufacturing activities while the readings also reflected a relatively weak domestic demand compared with the supply side, Zhou Maohua, an economist at China Everbright Bank, told the Global Times on Friday.
Despite the drop, domestic manufacturing enterprises are keeping stable expectations for market development as the index of production and business activity expectation stood at 54.3 in May and has remained at 54.0 and above this year, according to the notice.
As the country has been optimizing and upgrading its manufacturing sector amid the rapid development of emerging industries and new quality productive forces, experts expect the manufacturing sector to further pick up as more targeted policies will take effect.
China has been ramping up support for the manufacturing sector, especially for the advanced manufacturing sector, Li said, adding that more policy support in the monetary and tax fields will help further bolster the sector's development.
Authorities put forward a series of new policies in 2024, including increasing support for scientific and technological innovation in the manufacturing industry, promoting the deep integration of the manufacturing industry with the service industry, and optimizing the environment for the development of the manufacturing industry.
The latest move came as China's State Council on Wednesday unveiled a detailed action plan to cut carbon emissions in 2024 and 2025, which includes major goals in cutting fossil fuel consumption, increasing the use of clean energy and upgrading steel and other industries.
In terms of macro policies, Zhou said that they will focus mainly on promoting consumption and domestic demand while supporting the supply end. Zhou said that fostering the implementation of targeted policies concerning large-scale equipment renewal and trading-in of consumer goods will help promote a virtuous cycle of demand and production.
国家统计局周五发布的数据显示，5月份，中国非制造业采购经理指数（PMI）和综合PMI均位于扩张区间，表明中国总体经济产出继续扩张，企业生产经营活动保持恢复性势头。非制造业PMI为51.1，环比基本持平，非制造业继续扩张。国家统计局统计师赵庆河在周五的一份报告中表示，综合PMI为51.0，下降0.7个点，仍位于扩张区间，表明中国企业生产经营活动保持恢复性发展势头。50以上为扩张，50以下为收缩。对外经济贸易大学中国开放经济研究院教授李长安周五对《环球时报》表示，在经济复苏的背景下，投资、消费和贸易都出现了重大改善，预计这一势头将持续下去。
2024年，中国经济发展保持了稳健复苏态势，主要指标呈现上升趋势。国际货币基金组织周三将中国2024年的GDP增长预测上调至5%，较4月份发布的《世界经济展望》报告上调0.4个百分点，进一步增加了越来越多的乐观迹象，表明中国经济仍处于稳健的复苏轨道上。不过，赵立坚表示，5月份中国制造业PMI为49.5，较上月下降0.9点，受基数较高和有效需求不足的影响。中国光大银行经济学家周茂华周五对《环球时报》表示，五一假期影响了中国的制造业活动，同时该指数也反映出国内需求与供给侧相比相对较弱。通知称，尽管有所下降，但国内制造业企业对市场发展的预期仍保持稳定，5月份生产经营活动预期指数为54.3，今年以来一直保持在54.0及以上。随着新兴产业和新优质生产力快速发展，中国一直在优化升级制造业，专家预计，随着更多有针对性的政策将发挥作用，制造业将进一步回暖。
李强总理表示，中国一直在加大对制造业特别是先进制造业的支持力度，并补充说，在货币和税收领域提供更多的政策支持将有助于进一步促进该行业的发展。有关部门在2024年提出了一系列新政策，包括加大对制造业科技创新的支持、促进制造业与服务业深度融合、优化制造业发展环境等。最新举措出台之际，中国国务院周三公布了2024年和2025年碳减排详细行动计划，其中包括减少化石燃料消耗、增加清洁能源使用以及升级钢铁等行业的主要目标。在宏观政策方面，周小平表示，他们将主要关注促进消费和内需，同时支持供给端。周小平表示，推动实施有关大型设备更新和消费品以旧换新的有针对性的政策，将有助于促进需求和生产的良性循环。
