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China's May PMI rose 2.2% to 49.6%

China's National Bureau of Statistics announced that China's manufacturing purchasing managers' index (PMI) rebounded to 49.6 in May, an increase of 2.2 percentage points from the previous month and higher than market expectations of 49. During the period, the non-manufacturing PMI surged to 47.8, an increase of 5.9 percentage points from the previous month and also higher than the market expectation of 45. Driven by the substantial improvement in business confidence, China's composite PMI also rebounded to 48.4, a sharp increase of 5.7 percentage points from the previous month, reflecting the gradual recovery of Chinese business confidence. The National Bureau of Statistics said that the three indices rose simultaneously, reflecting that with the efficient coordination of epidemic prevention and control and the achievement of economic and social development, the economic climate has improved compared with the previous month.
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