The Caixin China General Manufacturing PMI unexpectedly rose to 50.9 in May 2023 from 49.5 in April. Output rose the most in 11 months, new order growth was at 2 year-high, and foreign sales continued to increase. Meantime, buying activity expanded the least in 4 months; while employment fell at the steepest pace since February 2020, with backlogs down for the first time in 5 months. Delivery times got even shorter as suppliers kept sufficient stocks. On the cost side, input prices fell for the 2nd month on the back of better supply chains and lower prices of metals, food, and fuel. However, selling prices dropped solidly, due to intense market competition. Finally, sentiment slipped to a 7-month low, on concerns over lingering uncertainty, particularly from overseas. "Current economic growth lacks internal drive and market entities lack sufficient confidence," highlighting the importance of restoring demand," said Dr. Wang Zhe, an economist at Caixin Insight Group. source: Markit Economics

Manufacturing PMI in China averaged 50.05 points from 2011 until 2023, reaching an all time high of 54.90 points in November of 2020 and a record low of 40.30 points in February of 2020. This page provides the latest reported value for - China Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. China Caixin Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

Manufacturing PMI in China is expected to be 50.40 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Caixin Manufacturing PMI is projected to trend around 51.10 points in 2024 and 50.80 points in 2025, according to our econometric models.

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China Caixin Manufacturing PMI



Related Last Previous Unit Reference
Services PMI 57.10 56.40 points May 2023
Manufacturing PMI 50.90 49.50 points May 2023
Composite PMI 55.60 53.60 points May 2023

China Caixin Manufacturing PMI
In China, the Caixin Manufacturing PMI Purchasing Managers' Index measures the performance of the manufacturing sector and is derived from a survey of private 430 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Actual Previous Highest Lowest Dates Unit Frequency
50.90 49.50 54.90 40.30 2011 - 2023 points Monthly

News Stream
China Manufacturing Unexpectedly Grows
The Caixin China General Manufacturing PMI unexpectedly rose to 50.9 in May 2023 from 49.5 in the previous month. While beating market consensus, the latest result highlighted a patchy recovery in the economy amid insufficient demand and deflation risks. Output rose the most in 11 months, new order growth was at 2 year-high, and foreign sales continued to increase. Meantime, buying activity expanded the least in 4 months; while employment fell at the steepest pace since February 2020, with backlogs down for the first time in 5 months. Delivery times got even shorter as suppliers kept sufficient stocks. On the cost side, input prices fell for the 2nd month on the back of better supply chains and lower prices of metals, food, and fuel. However, selling prices dropped solidly, due to intense market competition. Finally, sentiment slipped to a 7-month low, on concerns over lingering uncertainty, particularly from overseas.
2023-06-01
China Manufacturing Unexpectedly Shrinks
The Caixin China General Manufacturing PMI unexpectedly fell to 49.5 in April 2022 from 50.0 in March, missing market forecasts of 50.3. The latest result was the first contraction in factory activity since January amid an ongoing property downturn and fears of a global slowdown. New orders shrank after rising in March, while employment declined the most in 3 months. Output growth slowed for the second month, and buying activity went up the least since January amid stable foreign orders. Delivery times improved for the third successive period, with firms noting that vendors were less busy. On the cost side, input prices decreased for the first time in 7 months and the most since the start of 2016 due to lower raw material prices. Meanwhile, selling prices dropped at the steepest pace since December 2015 as firms sought to attract new business. Finally, sentiment strengthened on the back of new product releases, supportive state policies, and investment in new equipment.
2023-05-04
China Factory Growth Stalls
The Caixin China General Manufacturing PMI unexpectedly fell to 50.0 in March 2022 from February's 8-month peak of 51.6, missing market forecasts of 51.7. The latest result highlighted growing doubts about the strength of Chinese recovery momentum, amid ongoing property downturn and global financial uncertainty. Both output and new orders rose at softer paces while foreign sales and employment fell. Meanwhile, buying activity rose modestly for the second month. At the same time, improved supplier capacity and stock availability supported an improvement in vendor performance. On the cost side, input cost was unchanged after in the prior 5 months. Selling prices fell fractionally, meanwhile, amid efforts from some firms to stay competitive. Finally, sentiment remained highly upbeat. "The foundation for economic recovery is not yet solid. Looking forward, economic growth will still rely on a boost in domestic demand," said Dr. Wang Zhe, Senior Economist at Caixin Insight Group.
2023-04-03