China'S Manufacturing PMI Rebounded In September

According to the National Bureau of statistics, in September 2019, China's Manufacturing Purchasing Managers Index (PMI) was 49.8%, up 0.3 percentage points from last month. Although it is still below the ups and downs, the overall boom has improved since last month.

According to the classification index, the production index, the new order index and the supplier delivery time index are higher than the critical point in the 5 classification indices of manufacturing PMI, and the raw material inventory index and the employment index are below the critical point. Production index was 52.3%, an increase of 0.4 percentage points from last month, which is higher than the critical point, indicating that the expansion of manufacturing industry has accelerated. The new order index was 50.5%, an increase of 0.8 percentage points from last month to a critical point, indicating an increase in the volume of orders for manufacturing products. The stock index of raw materials was 47.6%, a slight increase of 0.1 percentage points from last month, which is below the critical point, indicating a slight narrowing of the stock of major raw materials in the manufacturing industry. The index of employees is 47%, a slight increase of 0.1 percentage points from last month, which is below the critical point, indicating that the decrease of employment volume in manufacturing enterprises is narrowing. The supplier delivery time index was 50.5%, an increase of 0.2 percentage points from last month, which is above the critical point, indicating that the delivery time of manufacturing material suppliers has accelerated.

According to the interpretation of relevant experts, the main characteristics are: first, the expansion of production demand. The new orders index has risen for the first time since May. Production activities have been accelerated, including textile, clothing, apparel and other manufacturing industry index in the higher prosperity section of 55%. Two, the situation of foreign trade has improved. The new export orders index was 48.2%, a 1 percentage point increase in the ratio. The import index was 47.1%, a 0.4 percentage point increase. The three is the continuous expansion of high-tech manufacturing industry. The PMI of high technology manufacturing industry was 51.3%, higher than that of manufacturing industry PMI1.5 percentage point, and for 8 consecutive months, it was located in the economic expansion area of more than 51%. From the demand situation, the new order index of high-tech manufacturing industry is 53.3%, rising by 0.9 percentage points, and the market is expected to improve. Four, the large and medium-sized enterprises are recovering from different levels. The PMI of large enterprises was 50.8%, up 0.4 percentage points from last month, and the pulling effect on the recovery of manufacturing industry is outstanding. The PMI of small and medium enterprises was 48.6% and 48.8%, respectively, rebounded by 0.4 and 0.2 percentage points respectively. From the production situation, the production index of large, medium and small enterprises has increased, and this month is all in the expansion section. Five, business confidence has been strengthened. With a series of policies and measures to support the development of the real economy one after another, the expected production and business activity index of manufacturing enterprises increased by 1.1 percentage points to 54.4%, the highest in the third quarter.