经济透视：中国5月官方制造业与非制造业PMI指数均回落

Group 1: PMI Data Overview - In May 2024, China's official manufacturing PMI was 49.5, down 0.9 percentage points from April and below the market expectation of 50.5[1] - The non-manufacturing business activity index for May was 51.1, a decrease of 0.1 percentage points from April, also below the expected 51.5[1] - The composite PMI output index fell to 51.0 in May, down 0.7 percentage points from April's 51.7[1] Group 2: Economic Challenges - The primary challenge for the economy remains weak overall demand and a sluggish real estate sector, with 60.6% of manufacturing firms reporting insufficient demand in May, an increase of 1.2 percentage points from April[4] - The construction sector's business activity index dropped to 54.4 in May, down 1.9 percentage points from April, indicating a slowdown in construction progress[14] - The average daily transaction area of commercial housing in 30 major cities fell by 41.0% year-on-year and 2.9% month-on-month as of May 29[14] Group 3: Policy Responses - On May 17, the People's Bank of China announced three significant measures to support the real estate sector, including the cancellation of the housing loan interest rate floor and a reduction in the down payment ratio[4] - The central bank introduced a 300 billion yuan re-loan for affordable housing, expected to stimulate an additional 500 billion yuan in bank loans[4] - The issuance of long-term special government bonds accelerated in May, with the first batch of 30-year and 20-year bonds successfully issued on May 17 and 24, respectively, indicating a potential increase in infrastructure investment in the coming months[4]