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China’s May PMI Steadies at 50, Growth Target 5%

5/31/2026

22 4 Full Breakdown

Summary

Story summary

China’s factory activity was unchanged in May, with the PMI at 50 and indexes at 49.9, 51.2 and 48.6.
HSBC said China’s reserves shield it from the Iran war’s shock, while U.S. exports fell but shipments to Europe and Southeast Asia are robust.
Morgan Stanley noted that exports hold line as domestic demand stays sluggish and that China aims for a 2026 growth target of 5%, its lowest since 1991.

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Story summary

China’s factory activity was unchanged in May, with the PMI at 50 and indexes at 49.9, 51.2 and 48.6.
HSBC said China’s reserves shield it from the Iran war’s shock, while U.S. exports fell but shipments to Europe and Southeast Asia are robust.
Morgan Stanley noted that exports hold line as domestic demand stays sluggish and that China aims for a 2026 growth target of 5%, its lowest since 1991.