【新华解读】5月份中国制造业PMI回升释放什么信号？

Core Viewpoint - The significant rebound in China's manufacturing Purchasing Managers' Index (PMI) in May indicates a positive shift in the macroeconomic environment, supported by favorable trade talks and domestic economic policies [1][2]. Economic Indicators - In May, China's manufacturing PMI rose to 49.5%, an increase of 0.5 percentage points from the previous month, marking one of the highest rebounds in the past year [1]. - The non-manufacturing business activity index stood at 50.3%, slightly down by 0.1 percentage points but still in the expansion zone [2]. - The comprehensive PMI output index increased to 50.4%, up by 0.2 percentage points from the previous month, indicating overall economic expansion [2]. Manufacturing Sector Performance - Key sub-indices such as production, new orders, and export orders showed improvements, with production index rising to 50.7%, an increase of 0.9 percentage points [3]. - New orders index reached 49.8%, up by 0.6 percentage points, nearing the expansion threshold [2]. - High-tech manufacturing PMI was reported at 50.9%, remaining in the expansion zone for four consecutive months [3]. Price Trends - Both purchasing price index and factory price index saw a slight decline of 0.1 percentage points, but the rate of decline has narrowed, indicating a stabilization trend [3]. - The stabilization of prices is crucial for improving industrial profit margins, which have been affected by weak producer prices [3]. Market Sentiment - Manufacturing enterprises maintain stable confidence in market development, with the production and business activity expectation index rising to 52.5%, an increase of 0.4 percentage points [4]. - Despite the positive indicators, external uncertainties remain, and the manufacturing PMI has not yet fully returned to the expansion zone, necessitating continued economic policy support [5].