In May, Caixin China'S Manufacturing Industry Was PMI At 50.2.

In June 3rd, Caixin China's Manufacturing Purchasing Managers Index (PMI), released in May, was 50.2, unchanged from April, and expanding for three consecutive months, indicating that China's manufacturing industry maintained a moderate expansion.

This trend is not consistent with the PMI of the National Bureau of statistics. The PMI released by the National Bureau of statistics in May recorded a 49.4 decline of 0.7 percentage points and returned to the contraction zone.

In May, the output of China's manufacturing industry was stable after a slight increase last month, and it was only slightly higher than the boundary of ups and downs.

The new export orders rebounded to a high level in the year, and the total volume of new orders accelerated, which was slightly faster than that in April.

According to the respondents, new product launches and warmer external demand have led to the growth of new orders.

The total volume of new orders has increased rapidly and output has been basically stable, resulting in a backlog of workload increasing. However, as manufacturers remain cautious, the employment of manufacturing industry continued to shrink in May, and the employment scale decreased slightly.

The growth of new orders has prompted manufacturers to purchase activities for the first time in five months to expand, but the growth rate is still small.

Procurement inventory remained unchanged for two consecutive months.

However, in order to deliver new orders, manufacturers increased the use of existing inventory, resulting in further decline in finished goods inventory.

In May, the average input cost of manufacturing industry increased slightly, which was significantly slower than the same period last year.

The factory price of manufacturing products is flat with last month, and many manufacturers say that the market competition pressure is greater.

In May, the optimism of the manufacturers dropped sharply to the lowest level since April 2012. Manufacturers are generally worried about the escalation of Sino US trade war, while the global demand forecast is relatively low.

Zhong Zhengsheng, chairman and chief economist of the new capital think-tank, said that in May, China's manufacturing industry had good demand inside and outside, and the price level was stable. But the confidence of entrepreneurs was weakening and the inventory of enterprises was still low.

The impact of Sino US conflict on China's economy is the first to embody confidence. China's best response strategy should be to stabilize and boost confidence in enterprises, residents and capital markets through effective reform and timely regulation.