Abstract An independent survey of Chinese manufacturing companies showed that China's manufacturing industry contracted in May due to weak demand, and output prices fell for the first time in more than a year. This shows that following the strong performance in the first quarter of 2017, China's growth in the second quarter may be significant...
An independent survey of Chinese manufacturing companies showed that China's manufacturing industry contracted in May due to weak demand, and output prices fell for the first time in more than a year. This suggests that China's growth in the second quarter may have slowed significantly following the strong performance in the first quarter of 2017. Caixin Markit Manufacturing Purchasing Managers Index (PMI) fell to 49.6 in May, down from 50.3 in April, and fell below the 50-point boundary for the first time since June 2016, and is significantly lower than the official PMI. data.
The median estimate of the Reuters economist survey indicates that China's manufacturing PMI will only drop to 50.1.
Manufacturers who accepted the Caixin survey last month said that output prices fell for the first time since February 2016, while input costs have decreased for the first time since June 2016.
In May, output and new orders increased very little, with output growth being the lowest in 11 months. The growth rate of new export orders also fell to the marginal level, the lowest so far this year, with only 8% of the surveyed companies saying that new export sales have increased.
Manufacturing employment fell for the 43rd consecutive month, the largest drop in eight months.
The main focus is on the Caixin PMI of private manufacturing companies, which is much lower than the official manufacturing PMI of 51.2 issued by the National Bureau of Statistics of China. The official PMI, which tracks major state-owned enterprises, shows that the recent slowdown in growth has occurred in private companies.
The latest Caixin PMI is 1.6 lower than the official PMI, higher than the gap of 0.9 in April.
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