China's manufacturing sector showed resilience in June 2024 as the Purchasing Managers' Index (PMI) remained unchanged at 49.5, according to the National Bureau of Statistics (NBS).
Zhao Qinghe, an NBS statistician, commented, \"From the perspective of output, China's economy is maintaining expansion, but the continuous recovery momentum still needs to be consolidated.\" This steady PMI indicates a delicate balance between growth and challenges in the manufacturing landscape.
The sub-index for production stood at 50.6, signaling mild growth, while the business expectations sub-index reached 54.4, reflecting optimism among manufacturers. However, market demand remains a concern, with the new orders index dipping slightly to 49.5 in June from May's figures.
In the non-manufacturing sector, which gauges sentiment in services and construction, the PMI was recorded at 50.5, a slight decrease from May's 51.1. Despite this minor downturn, the sector continues to expand. Notably, areas such as air transport, postal services, telecommunications, radio, television and satellite transmission services, monetary and financial services, and insurance services experienced robust growth, with activity indexes averaging above 55 points.
These mixed indicators highlight the ongoing adjustments within China's economy as it navigates both internal and external factors influencing growth and stability.
Reference(s):
cgtn.com
