Abstract The China Manufacturing Purchasing Managers Index (PMI) from the National Bureau of Statistics' Service Industry Research Center and the China Federation of Logistics and Purchasing jointly released on November 1st was 49.8%, unchanged from the previous month. From the classification index, the five points that make up the PMI...
The China Manufacturing Purchasing Managers Index (PMI), which was jointly released by the National Bureau of Statistics' Service Industry Research Center and the China Federation of Logistics and Purchasing on November 1, was 49.8%, unchanged from the previous month.
From the classification index, among the five sub-indexes that constitute PMI, the production index, the new order index and the supplier delivery time index are continuously higher than the critical point. The Practitioner Index and the Raw Material Stock Index are still below the critical point.
Zhao Qinghe, senior statistician of the Service Industry Research Center of the National Bureau of Statistics, believes that there are several main features of the manufacturing PMI operation in October: First, the overall production and market demand is stable. Second, structural adjustment continued to advance, and high-tech, consumer goods and other manufacturing industries continued to expand. Third, some traditional industries continue to compress production and resolve excess capacity. The PMI of the high-energy industry is 47.8%, which is below the critical point.
In terms of the scale of enterprises, the PMI of large enterprises was 51.0%, which was 0.1 percentage points lower than that of the previous month. The trend in the past two months was generally stable; the medium-sized enterprises were 48.7%, which continued to be below the critical point, but rose 0.2 percentage points from the previous month; Small businesses were 46.6%, down 0.2 percentage points from the previous month and continued to fall below the tipping point.
Zhao Qinghe revealed that the survey results show that the proportion of small enterprises with tight capital is significantly higher than that of large and medium-sized enterprises. Financing difficulties and financing are still one of the major problems that plague small-scale enterprises.
In addition, the downward pressure on imports and exports is still relatively large. Due to the recent weak international economic recovery, the domestic economy continues to face downward pressure, and the import and export situation of the manufacturing industry is still grim. The new export order index was 47.4%, down 0.5 percentage points from the previous month, and the import index was 47.5%, down from 0.6 percentage points last month. Both indexes fell below the critical point.
In terms of the non-manufacturing business activity index reflecting the service industry, in October 2015, China's non-manufacturing business activity index was 53.1%, down 0.3 percentage points from the previous month, and continued to be in the expansion range. The new order index was 51.2%, up 1.0 percentage point from the previous month, indicating that the overall growth of non-manufacturing industry was stable and market demand increased.
However, the service industry's business activity expectation index is 60.5%, up 1.2 percentage points from the previous month, indicating that the service industry market is expected to continue to improve. In addition, the construction industry business activity index was 57.1%, up 1.9 percentage points from the previous month.
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