China’s manufacturing purchasing managers’ Index (PMI) expanded for a third straight month in May, coming in at 50.2, according to the Caixin China General Manufacturing Purchasing Managers’ Index survey released Monday, reported Caixin.
PMI, which gives an independent snapshot of the manufacturing sector’s operating conditions, was unchanged from April’s 50.2, suggesting ongoing improvement in the sector.
Manufacturing accounts for nearly 30% of China’s gross domestic product. The Caixin index is one of the earliest available monthly indicators showing the latest economic conditions in China.
“Overall, China’s economy showed steady growth and resilience in May. The manufacturing sector saw demand rise from both overseas and domestic markets, and prices were stable,” said Zhong Zhengsheng, director of macroeconomic analysis with consultancy CEBM Group, a subsidiary of Caixin Insight Group.