中国制造业PMI月度（2025年5月）

China’s manufacturing PMIpicks up to 49.5inMay,indicating easing downward pressure on Helen ChinHead William KongManager HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business Bldg Nineof the 13 sub-indices were higher than their respective levels in the previousmonth.For example, the new orders index rebounded by 0.6 pts to 49.8 in May,pointing to asmaller contraction in market demand, and the new export orders indexroseby 2.8 pts to 47.5, indicating that export demand reduced at a slower pace. By size of enterprises,the PMI of ‘large enterprises’roseto50.7 in May from49.2 inApril. The PMI of ‘medium enterprises’droppedto47.5 in May from48.8 in April.The The output indexincreasedto50.7 in May from49.8 in April.The outputindexof ‘largeenterprises’rose abovetheneutral level of 50,registering51.5 in May.Theoutputindexof‘medium enterprises’went up to 50.0in the month.Meanwhile,the outputindex of The new orders indexroseto49.8 in May from49.2 in April.The newordersof‘largeenterprises’returned to thecontractionaryzone,registering52.5 in May.Meanwhile, the The new export ordersindexwent upto47.5 in May from44.7 in April.The new exportordersindicesof‘largeenterprises’,‘medium enterprises’and‘small enterprises’all The backlogs of orders indexincreasedto44.8 in May from43.2 in April.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘small enterprises’all The stocks of finished goods indexdeclinedto46.5 in May from47.3 in April.The stocksof finished goods indicesof‘largeenterprises’, ‘medium enterprises’ and ‘small The stocks of major inputs indexroseto47.4 in May from47.0 in April. Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘smallenterprises’allremainedbelowthecritical 50-mark,registering48.6,45.6and46.9respectively inMay. The purchases of inputs indexincreasedto47.6 in May from46.3 in April.Thepurchases of inputs indicesof ‘large enterprises’,‘medium enterprises’and ‘small The imports indexjumpedto47.1 in May from43.4 in April.Theimports indicesof‘largeenterprises’,‘mediumenterprises’ and‘small enterprises’all stayed below theneutral The input prices indexdroppedto46.9 in May from47.0 in April. Theinput prices indicesof‘large enterprises’,‘medium enterprises’ and‘small enterprises’allstayedbelow the Theex-factory prices indexfellto44.7 in May from44.8 in April.1Theex-factory pricesindicesof‘largeenterprises’,‘mediumenterprises’and‘small enterprises’allremained The employment indexedged upto48.1 in May from47.9 in April.Theemploymentindicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’all stayedin The suppliers’ delivery time indexcame in at50.0inMay, down from50.2inApril.Areading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ The business expectations indexroseto52.5 in May from52.1 in April.2The businessexpectations indices of ‘large enterprises’,‘medium enterprises’and ‘small enterprises’ CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is topush forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the national statistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It is jointly published by Every month questionnaires are sent to 3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index based on the seasonally adjusted indices for five of the sub-indicators with varying weights: NewOrders—30%; Output—25%; Employment—20%;Suppliers’ Delivery Time—15%; and Stocks of Major Inputs—10%. A PMI readingabove 50 Currently there are more than twenty countries and regions conducting the PMI survey and