China's manufacturing PMI falls to 50 in May, signaling flat factory activity amid Iran war concerns
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Summary
China's manufacturing activity slowed in May, with the official PMI moderating to 50 from 50.3 in April, indicating flat growth. The new orders sub-index fell to 49.9, signaling contraction in demand. While China has been relatively shielded from the Iran war's fallout due to ample oil reserves and diversified energy sources, and exports remain resilient partly due to AI-driven tech shipments, analysts warn that high oil prices could still negatively impact China's economy later in the year.
Key quotes
· 5 pulledThe official manufacturing purchasing managers index moderated to 50 from 50.3 in April, according to the National Bureau of Statistics.
The new orders sub-index dropped to 49.9
Economists say China has been relatively protected from the fallout of the three-month old Iran war, given its ample oil reserves and diversified sources for energy.
Exports have been resilient, buoyed by technology-related shipments driven by the artificial intelligence boom.
Some analysts are cautioning that high oil prices could still dent China's economy later in the year.
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