Zhao Qinghe, senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, interprets China's purchasing managers' index for May 2024. In May, the manufacturing purchasing managers' index, non-manufacturing business activity index, and composite PMI output index were 49.5%, 51.1%, and 51.0%, respectively, down 0.9, 0.1 and 0.7 percentage points from the previous month. The overall output of the Chinese economy continued to expand, and the production and operation activities of enterprises continued to resume development. In May, due to factors such as the rapid growth of the manufacturing industry in the early stages, the formation of a high base and insufficient effective demand, the manufacturing boom level declined somewhat. In May, the non-manufacturing business activity index was 51.1%, basically the same as last month, and the non-manufacturing industry continued to expand. In May, the composite PMI output index was 51.0%, down 0.7 percentage points from the previous month. It is still in the expansion range, indicating that the production and operation activities of Chinese enterprises have continued to resume development. The manufacturing production index and the non-manufacturing business activity index, which make up the composite PMI output index, are 50.8% and 51.1%, respectively.