China’s Manufacturing Growth Hits Three-Year Peak, Caixin PMI Shows

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Activity in China’s manufacturing sector in June grew at the fastest pace since May 2021 on strong production and stabilizing employment, but manufacturers became less optimistic about the outlook, a Caixin-sponsored survey showed Monday.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the sector, came in at 51.8 in June, up 0.1 points from the previous month. A reading above 50 signals an expansion in activity, while a number below that indicates a contraction.

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China's manufacturing sector saw its fastest growth since May 2021 with a PMI of 51.8 in June, indicating expansion.
Manufacturing output and demand grew, but external demand showed signs of faltering, and input costs rose significantly.
Companies are less optimistic about the future due to economic pressures and competition, with suggestions for policy and fiscal support to boost market confidence.

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What Happened When

November 2019：: The gauge for future 12-month output expectations dropped to its lowest level since this month in June 2024.

May 2021：: Activity in China’s manufacturing sector grew at the fastest pace since this month until June 2024.

First quarter of 2024：: Manufacturing accounted for 27% of China’s GDP.

May 2024：: The Caixin China General Manufacturing Purchasing Managers’ Index (PMI) for May 2024 was 51.7.

June 2024：: The Caixin China General Manufacturing Purchasing Managers’ Index (PMI) for June 2024 increased to 51.8.

July 1, 2024：: Caixin-sponsored survey results showing manufacturing sector growth in June 2024 were published.

AI generated, for reference only

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