The website of the National Bureau of Statistics released the operation of China's purchasing managers index in January, showing that in January, the manufacturing purchasing managers index (PMI) was 49.2%, up 0.2 percentage points from the previous month, and the manufacturing industry has rebounded. In terms of enterprise size, the PMI of large enterprises was 50.4%, up 0.4 percentage points from the previous month, higher than the critical point; The PMI of medium-sized enterprises was 48.9%, up 0.2 percentage points from the previous month, lower than the critical point; Small business PMI was 47.2%, down 0.1 percentage points from the previous month, below the critical point. From the perspective of sub-indexes, in the five sub-indexes that constitute the manufacturing PMI, the production index and supplier distribution time index are higher than the critical point, and the new order index, raw material inventory index and employment index are lower than the critical point. The production index was 51.3 percent, up 1.1 percentage points from the previous month, indicating a recovery in the manufacturing industry. The new orders index was 49.0 percent, up 0.3 percentage points from the previous month, indicating that the demand sentiment of the manufacturing market has improved. The raw material inventory index was 47.6%, down 0.1 percentage points from the previous month, indicating that the inventory of major raw materials in the manufacturing industry continued to decrease. The employment index was 47.6%, down 0.3 percentage points from the previous month, indicating a decline in the employment climate of manufacturing enterprises. The supplier delivery time index was 50.8%, up 0.5 percentage points from the previous month, indicating that the delivery time of manufacturing raw material suppliers continued to accelerate.
From the operation of China's non-manufacturing purchasing managers index, in January, the non-manufacturing business activity index was 50.7%, up 0.3 percentage points from the previous month, higher than the critical point, indicating that the non-manufacturing industry continued to expand steadily. By industry, the construction business activity index was 53.9%, down 3.0 percentage points from the previous month; The business activity index for the service sector was 50.1 percent, up 0.8 percentage points from the previous month. From the perspective of industry, the business activity index of railway transportation, postal, monetary and financial services industries is located at 60.0% and above the high boom range; The business activity index of capital market services, real estate, ecological protection and public facilities management is below the critical point. The new orders index was 47.6%, up 0.1 percentage points from the previous month, indicating that the decline in demand in the non-manufacturing market continued to narrow. By industry, the new orders index of the construction industry was 46.7%, down 3.9 percentage points from the previous month; The new orders index for the service sector was 47.7%, up 0.7 percentage points from the previous month. The input price index was 49.6%, unchanged from the previous month and still below the critical point, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities continued to fall. By industry, the construction input price index was 52.0%, up 0.6 percentage points from the previous month; The service sector input price index was 49.2 percent, down 0.1 percentage points from the previous month. The sales price index was 48.9%, down 0.4 percentage points from the previous month, indicating that the overall level of non-manufacturing sales prices has declined. By industry, the construction industry sales price index was 50.4%, down 1.3 percentage points from the previous month; The service industry sales price index was 48.7 percent, down 0.2 percentage points from the previous month. The employment index was 47.0%, down 0.1 percentage points from the previous month.
The business activity expectation index was 59.7%, down 0.6 percentage points from the previous month, still located in the higher economic zone, indicating that non-manufacturing enterprises remain optimistic about the recent market development. By industry, the expected business activity index of the construction industry was 61.9%, down 3.8 percentage points from the previous month; The expected business activity index for the service sector was 59.3%, down 0.1 percentage points from the previous month. In addition, in January, the composite PMI output index was 50.9%, up 0.6 percentage points from the previous month, which continued to be higher than the critical point, indicating that the overall production and operation activities of Chinese enterprises continued to expand. Zhao Qinghe, senior statistician of the service industry Survey center of the National Bureau of Statistics, explained that in January, the manufacturing purchasing managers index, non-manufacturing business activity index and composite PMI output index were 49.2%, 50.7% and 50.9%, up 0.2, 0.3 and 0.6 percentage points from the previous month, and China's economic climate has rebounded.
In January, the manufacturing PMI rose slightly to 49.2%, and the prosperity level has improved. 1. The expansion of the production index accelerated. The production index stood at 51.3 per cent, up 1.1 percentage points from the previous month, rising to a near four-month high. From the perspective of industry, the production index of food and wine and beverage refined tea, paper printing, culture, education, sports and entertainment supplies, medicine and other industries is more than 53.0%, and the production of related industries is expanding rapidly; The production index of chemical raw materials and chemical products, chemical fiber and rubber and plastic products and non-metallic mineral products is in the contraction range, and the production activities of enterprises are slowing down. (2) The index of new orders has rebounded. The new orders index was 49.0 percent, up 0.3 percentage points from the previous month, and the new export orders index, which reflects external demand, rose 1.4 percentage points from the previous month, showing an improvement in the domestic and external demand. From the perspective of key industries, the new order index of equipment manufacturing, high-tech manufacturing and consumer goods industry was 50.3%, 50.2% and 50.3%, respectively, all above the critical point. The new order index of high energy consumption industry is 47.0%, which continues to be below the critical point, and the market demand is still insufficient.
(3) PMI of large enterprises rose to the expansion range. The PMI of large enterprises was 50.4%, an increase of 0.4 percentage points over the previous month, and the prosperity level rebounded. The survey results showed that the capacity utilization rate of more than 70% of large enterprises reached or exceeded 80.0%, and the production capacity of enterprises was released quickly. The PMI of medium-sized enterprises was 48.9%, up 0.2 percentage points from the previous month, indicating that the economic situation has improved. Small business PMI was 47.2 percent, down 0.1 percentage point from the previous month, indicating a low economic level. 4. Business expectations were basically stable. Affected by the approaching of the Spring Festival holiday and the entry of some industries into the traditional production off-season, the expected index of production and business activities was 54.0%, continuing to be in the expansion range, and enterprises' confidence in the future market development was generally stable. From the perspective of industry, the expected index of production and operation activities of pharmaceutical, special equipment, automobile, railway, ship and aerospace equipment and other industries is above 56.0%, and enterprises are more optimistic about the recent market development.
In January, the non-manufacturing business activity index was 50.7%, up 0.3 percentage points from the previous month, and the non-manufacturing industry continued to expand steadily. (1) The index of business activity in the service sector rose to expansion territory. The business activity index of the service sector was 50.1 percent, up 0.8 percentage points from the previous month. In terms of industry, 13 out of 21 industries surveyed were in the expansion range, four more than the previous month, and the service sector has expanded. Driven by the holiday effect, residents' willingness to travel and consume increased, and the business activity index of retail, road transport, air transport, catering and other industries rose to the expansion range, and the market activity rebounded. The business activity index of railway transportation, postal, monetary and financial services and other industries were all located in the high boom range of 60.0% and above, and the total business grew rapidly. At the same time, the business activity index of capital market services, real estate and other industries is running at a low level, and the prosperity level is weak. From the perspective of market expectations, the business activity expectation index was 59.3%, basically unchanged from the previous month, continuing to be located in a higher boom range, and service enterprises' confidence in the market development prospect was stable. (2) The business activity index of the construction industry fell. Affected by factors such as cold weather in winter and the approaching Spring Festival holiday, the construction industry entered the off-season, and the business activity index was 53.9%, down 3.0 percentage points from the previous month. From the perspective of market expectations, the business activity expectation index is 61.9%, which continues to be located in the high boom range, indicating that construction enterprises have strong confidence in market development.
In January, the composite PMI output index was 50.9%, up 0.6 percentage points from the previous month, indicating that the production and operation activities of Chinese enterprises continued to expand. The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 51.3% and 50.7%, respectively.
