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According to data released by the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing on November 30, China’s Manufacturing Purchasing Managers’ Index (PMI) was 52.1% in November, an increase of 0.7 percentage points from the previous month, 9 consecutively. The month is above the tipping point. Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, said that the manufacturing purchasing manager index has risen significantly, and various sub-indexes have generally improved, the vitality of the manufacturing market has further strengthened, and the recovery growth has accelerated significantly.
From the perspective of sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index, the new order index and the supplier delivery time index are all above the threshold. Among them, the production index was 54.7%, an increase of 0.8 percentage points from the previous month, indicating that the growth of manufacturing production has accelerated. The new order index was 53.9%, an increase of 1.1 percentage points from the previous month, indicating that the demand in the manufacturing industry is recovering faster.Zhao Qinghe pointed out that the two ends of production and demand are working together. The production index and the new order index have both risen to a high point during the year. The vitality continues to increase, and the supply-demand cycle continues to improve. From the perspective of the industry, the production index and new order index of industries related to high-tech manufacturing such as pharmaceuticals, electrical machinery and equipment, computer communication electronic equipment, and instrumentation are all higher than 56.0%, which is located in the higher prosperous range, and the release of production demand is accelerated. The overall leading role of the manufacturing industry has been further enhanced.
In addition, the prosperity of imports and exports has steadily picked up. In November, the new export order index and import index were 51.5% and 50.9%, which were 0.5 and 0.1 percentage points higher than the previous month. Both were high points during the year. They have been in the expansion range for three consecutive months, maintaining a monthly upward trend. Exports continued to recover. The price index rose sharply. The purchase price index and ex-factory price index of major raw materials were 62.6% and 56.5%, which were 3.8 and 3.3 percentage points higher than the previous month, and both were highs during the year.
It is worth mentioning that in November, the PMI of large, medium and small enterprises were 53.0%, 52.0% and 50.1%, respectively, which were 0.4, 1.4 and 0.7 percentage points higher than the previous month, and were all above the threshold.
Tang Jianwei, chief researcher of the Bank of Communications Financial Research Center, said that with the gradual recovery of the economy, the prosperity of the three major types of enterprises is improving. The PMI of large companies is relatively high, the highest since June 2018. The PMI of medium-sized companies rebounded sharply. Small enterprises have returned to above the line of prosperity and decline, and the pressure on production and operation has been eased.
"The production and operation conditions of small enterprises have improved. The proportion of small enterprises reflecting capital shortage is 42.3%, which is 2.6 percentage points lower than last month. It is the lowest point since the beginning of this year. Financial support and other policy measures have shown their effects." Zhao Qinghe said.
However, Zhao Qinghe also pointed out that the survey results show that the recovery of the manufacturing industry is still uneven. Among them, the PMI of the textile and apparel industry has been below the critical point this year, and the industry's prosperity continues to be weak. In addition, 18.8% of export companies reported that they were affected by fluctuations in the RMB exchange rate, 1.7 percentage points higher than last month.
