Interpretation: In April 2019, China'S Manufacturing Purchasing Managers' Index And Non Manufacturing Business Activity Index Continued To Expand.
In April 30, 2019, the National Bureau of Statistics Service Center and the China Federation of logistics and purchasing released the China Purchasing Managers Index.
In this regard, Zhao Qinghe, a senior statistician of the National Bureau of Statistics Service Industry Investigation Center, made an interpretation.
1. The purchasing managers index of manufacturing industry continues to be located in the expansion section.
In April, the PMI of manufacturing industry was 50.1%, ranking at the critical point for two consecutive months, although it dropped 0.4 percentage points from last month, but it is still the highest level since November 2018.
The main characteristics of this month are: first, steady expansion of production and demand.
Production index and new order index were 52.1% and 51.4% respectively, although 0.6 and 0.2 percentage points lower than last month, still higher than the first quarter average 1.1 and 0.8 percentage points, both in the higher level of prosperity in the past 7 months.
Two, the high-tech manufacturing industry continues to lead.
The PMI of high tech manufacturing was 52.9%, which was 2.8 percentage points higher than that of the manufacturing industry, and remained unchanged for 4 consecutive months.
This month, the new orders index rose to a 10 month high of 56.2%, indicating that the development trend of high-tech manufacturing industry is better, and the pformation and upgrading of the energy manufacturing industry.
Three, imports and exports have been warmer.
The new export orders index and import index were 49.2% and 49.7%, respectively, higher than last month's 2.1 and 1 percentage points, all rising for two consecutive months.
Among them, the two indexes of medicine and computer communication and electronic equipment manufacturing industry are all above 54%.
The four is the narrowing of the difference between the purchase price and the producer price index.
The main raw material purchase price index was 53.1%, a slight decrease of 0.4 percentage points from last month, and the factory price index rose to 52%, higher than last month's 0.6 percentage point, a 6 month high.
The two price index narrowed for two consecutive months, indicating that the profit margins of enterprises in related industries have improved.
It is noteworthy that the price index of ferrous metal smelting and calendering processing industry increased by more than 65%, and the producer price index was significantly higher than that of the main raw material purchase price index.
The five is the smooth operation of large enterprises and the upgrading of small businesses.
The PMI of large enterprises was 50.8%, down 0.3 percentage points from last month, but it is still 0.7 percentage points higher than that of the manufacturing industry. This is the main driving force for the manufacturing industry to maintain growth.
PMI for medium-sized enterprises was 49.1%, down 0.8 percentage points from last month.
Small business PMI is 49.8%, although it is below the critical point, it has picked up 0.5 percentage points from last month, a 6 month high point, especially the production index of 51.2%. It has been in the expansion area for two consecutive months. It shows that a series of precise and effective tax cuts and policies and measures supporting the healthy development of small and micro enterprises have gradually emerged, and the production and operation of small enterprises have improved.
Two, the non manufacturing business activity index continued to be located in the higher economic zone.
In April, the index of non manufacturing business activity was 54.3%, down 0.5 percentage points from last month, but it still remained in a higher expansion range for 54% consecutive months in 4 months.
The service industry has steadily expanded.
The service business activity index was 53.3%, although it dropped 0.3 percentage points from last month, it still maintained a relatively fast growth.
Of the 21 industries surveyed, 19 sectors are located in the expansion section, and the fundamentals of the service sector are generally improving.
Among them, air traffic, postal express, accommodation, telecommunications, leasing and business services and residential services and other industries business activity index higher than last month, the total business growth rate accelerated, industry boom has increased.
Since the beginning of this year, the financial industry business activity index has been in the high economic zone of more than 57%.
From the market expectation, the service industry activity activity anticipation index is 60%, although dropped 0.3 percentage points from last month, but 3 consecutive months are located in the high and high economic range, indicating that the enterprise continues to maintain the optimistic attitude towards the market development.
The construction industry continues to operate at a high level.
Although the construction business activity index has dropped, it is still in the high economic zone, which is 60.1%, indicating that as the infrastructure investment continues to warm up and the real estate market is experiencing positive changes, the construction industry is showing rapid growth.
From the perspective of market demand, on the basis of the rapid expansion last month, this month continued to expand momentum, the new order index was 54.6%, and the construction industry in the near future is expected to continue to maintain a relatively fast growth.
Three, the comprehensive PMI output index continues to expand.
In April, the composite PMI output index was 53.4%, down 0.6 percentage points from last month, indicating that the production and operation activities of Chinese enterprises have been expanding, but the pace has slowed down.
The manufacturing output index and non manufacturing business activity index of the composite PMI output index were 52.1% and 54.3% respectively.
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