China's Manufacturing Purchasing Managers Index in May shows that China's current economic development is stabilizing1

The Purchasing Managers Index (PMI) of China's manufacturing industry in May was 53.9%, a decrease of 1.8 percentage points from the previous month. The index has remained above 50% for 15 months. Although it has fallen, it still maintains a relatively high level, reflecting the current momentum of China's economic development that has stabilized.　　 First, the growth of social demand tends to stabilize. The new order index was 54.8%, a decrease of 4.5 percentage points from the previous month, but still remained at a relatively high level, indicating that overall social demand is still relatively strong. In terms of different industries, among the 20 industries, 13 industries are higher than 50%, a decrease of 3 from the previous month.　　 The second is that industrial production continues to maintain rapid growth. The production index was 58.2%, 0.9 percentage points lower than the previous month. Among the 20 industries, only 3 industries are below 50%, and the remaining 17 industries are all above 50%. In terms of product types, manufacturing enterprises were the highest and relatively stable, continuing to maintain above 65%; consumer goods enterprises dropped by 3 percentage points from the previous month, falling to 55.3%.　　 Third, exports continue to maintain a momentum of recovery, but there are still many uncertainties. The new export order index was 53.8%, still maintaining a relatively high level. In terms of different industries, 16 of the 20 industries are higher than 50%.　　Fourth, inflationary pressure seems to have eased, but further observation is still needed. The purchase price index was 58.9%, a decrease of 13.7 percentage points from the previous month. In terms of different industries, among the 20 industries, there are 17 industries that are higher than 50%, and only 1 industries are higher than 70%.