The Caixin China Composite PMI data (which covers both manufacturing and services) indicated only a modest expansion of overall output during May. At 51.5, the Composite Output Index rose slightly from April's ten-month low of 51.2, but nonetheless posted the second-lowest reading seen since September 2016.

Data split by sector highlighted differing trends, with service providers noting an acceleration in business activity growth while manufacturers saw only a marginal rise in production. Furthermore, goods producers registered the slowest increase in output for 11 months. In contrast, services activity expanded at a solid pace that was the quickest since January, as shown by the seasonally adjusted Caixin China General Services Business Activity Index posting 52.8 in May, up from 51.5 in April.