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E-mail Xinhua, June 30, 2024
Staff members work at a workshop of China First Heavy Industries (CFHI) in Qiqihar, northeast China's Heilongjiang Province, April 28, 2024. [Photo/Xinhua]
The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.5 in June 2024, unchanged from May, data from the National Bureau of Statistics (NBS) showed Sunday.
"From the perspective of output, China's economy is maintaining expansion, but the continuous recovery momentum still needs to be consolidated," NBS senior statistician Zhao Qinghe said.
The sub-index for production stood at 50.6, while that for business expectations came in at 54.4, according to the NBS.
New economic drivers maintained brisk expansion. In June, the reading for high-tech manufacturing remained in the expansion range for an eighth consecutive month, rising to 52.3 from 50.7 in May. The reading for equipment manufacturing stood at 51, remaining in expansion territory for a fourth successive month.
"This shows that the transformation and upgrading of China's manufacturing industry has continued to advance, and that new quality productive forces have continued to develop," Zhao said.
However, market demand remained insufficient, he said, citing the new orders sub-index, which came in at 49.5 in June, a slight decline from the level recorded in May.
Sunday's data also revealed that the PMI for the non-manufacturing sector was at 50.5 in June, down from 51.1 in May, but above the 50-mark which separates expansion from contraction.
