On November 30, 2023, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. In this regard, Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, carried out an understanding. In November, the manufacturing purchasing manager's index, non-manufacturing business activity index and composite PMI output index were 49.4%, 50.2% and 50.4%, respectively, down 0.1, 0.4 and 0.3 percentage points from the previous month, China's economic prosperity level is stable and slow, and the foundation for recovery still needs to be consolidated.
In November, affected by the traditional off-season of some manufacturing industries and the lack of market demand, the manufacturing PMI was slightly lower than the previous month by 0.1 percentage points.
1. The production index continued to expand. The production index was 50.7 percent, down 0.2 percentage points from the previous month, and remained above the critical point. From the perspective of industry, the production index of metal products, general equipment, railway, ship and aerospace equipment and other industries was higher than 55.0%, and the production of related industries maintained rapid growth; Textile, petroleum, coal and other fuel processing, chemical fiber and rubber and plastic products and other industries are below the critical point, production activity has slowed down.
2. The new orders index was basically flat. The new orders index was 49.4%, down 0.1 percentage points from the previous month. From the perspective of industry, the new order index of pharmaceutical, automobile, railway, ship and aerospace equipment industries is higher than 53.0%, and the market demand of related industries is released rapidly. At the same time, the survey results show that more than 60% of the manufacturing enterprises reflect the lack of market demand, and the lack of market demand is still the primary difficulty facing the recovery and development of the current manufacturing industry.
3. PMI of large enterprises maintained expansion. The PMI of large enterprises was 50.5%, down 0.2 percentage points from the previous month, and remained in the expansion range for six consecutive months. Since May this year, the production index and new order index of large enterprises have always been above the critical point, and the production and demand of large enterprises have continued to release. The PMI of medium and small enterprises was 48.8% and 47.8% respectively, and the economic level is still weak.
4. New growth drivers are growing rapidly. From the perspective of key industries, the high-tech manufacturing PMI was 51.2%, up 2.0 percentage points from the previous month, returning to the expansion range; Equipment manufacturing PMI was 51.6%, up 0.9 percentage points from the previous month, and the expansion of the industry has accelerated. The PMI of the high-energy industry was 47.3%, and the prosperity level fell.
5. Business confidence continued to improve. The expected index of production and business activities was 55.8%, up 0.2 percentage points from the previous month, continuing to be located in a higher boom range, and manufacturing enterprises were generally optimistic about the market development prospects. From the perspective of the industry, the expected index of production and operation activities of food and wine and beverage refined tea, paper printing, culture, education, sports and entertainment supplies, automobiles and other industries is located in the higher prosperity range of 59.0% or more, and the enterprise's expectation of the development of the industry is stable and good.
