ING
June 1, 2026
Mixed China PMI Data Suggests Economy Muddling Through
Market ReportMacro Economic IndicatorsIndustrialsInformation Technology
China's May economic data showed mixed signals, with official manufacturing PMI hitting a neutral 50.0 and non-manufacturing slightly expanding at 50.1.
Key Takeaways
- 1.China's manufacturing PMI fell to a neutral 50.0 level in May, marking a three-month low.
- 2.The non-manufacturing sector unexpectedly returned to expansion with a PMI of 50.1, beating market expectations.
- 3.The RatingDog PMI outperformed official data at 51.8, indicating that export-focused manufacturing is stronger than domestic demand.
Table of Contents
- China's mixed PMI data suggests economy is muddling through
- Manufacturing PMIs moderate in May
- PMI correlation with industrial production data has weakened over the past few years
- Non-manufacturing PMI saw a surprise return to expansion in May
- Non-manufacturing PMI returned to expansion but key sub-indices still look soft
- Author
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Authors
Lynn Song
Securities
Official Manufacturing PMIOfficial Non-manufacturing PMIRatingDog PMI
Themes
Economic Resilience vs. Domestic WeaknessIndustrial Structural Shift
Regions
Asia PacificChina
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