Source: People’s Daily Overseas Edition Author: Wang Wenzheng
In December 2012, the three major indexes of China’s Manufacturing Purchasing Managers Index were all in the expansion range-China’s economy as a whole maintained a recovery trend
On December 31, 2021, the National Bureau of Statistics released data showing that in December 2021, the manufacturing purchasing manager index and non-manufacturing business activity index were 50.3% and 52.7%, respectively, up 0.2 and 0.4 percentage points from the previous month; The composite PMI output index was 52.2%, the same as last month. Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, said that the three major indexes are all in the expansion range, indicating that China’s economy as a whole has maintained a recovery trend and the level of prosperity has recovered steadily.
Manufacturing PMI rebounded for two consecutive months
In December 2021, China’s Manufacturing Purchasing Managers Index (PMI) was 50.3%, an increase of 0.2 percentage points from the previous month, higher than the threshold, and the manufacturing industry’s prosperity level rebounded for two consecutive months.
Among the five sub-indices that make up the manufacturing PMI, the production index is above the threshold. According to Zhao Qinghe’s analysis, in December 2021, manufacturing production continued to expand. “The production index was 51.4%, which was 0.6 percentage points lower than the previous month, but it was higher than the threshold, reflecting the continued growth of manufacturing production.”
In terms of different industries, the production index of pharmaceuticals, general equipment, ferrous metal smelting and rolling processing industries rebounded by 3.9 percentage points or more, and production activities accelerated; the production indexes of textile, petroleum, coal, and other fuel processing industries fell below the critical point. Production activities have slowed down.
Among other sub-indexes, the employment index was 49.1%, an increase of 0.2 percentage points from the previous month, indicating that the employment boom of manufacturing enterprises has rebounded. The raw material inventory index was 49.2%, an increase of 1.5 percentage points from the previous month. The supplier delivery time index was 48.3%, an increase of 0.1 percentage point from the previous month.
At the same time, the high-tech manufacturing industry maintained rapid growth. In December 2021, the PMI of the high-tech manufacturing, equipment manufacturing, and consumer goods industries were 54%, 51.6%, and 51.1%, respectively, all of which continued to be higher than the threshold, and the industry continued to expand.
Cost pressure relief for manufacturing companies
Zhao Qinghe said that in December 2021, with a series of stable economic development policies such as ensuring supply and stabilizing prices and helping companies to relieve difficulties, the prices of some bulk commodities have fallen significantly, and the pressure on corporate costs has eased.
In terms of enterprise scale, large and medium-sized enterprises are generally stable in operation. In December 2021, the PMI of large and medium-sized enterprises was 51.3%, which was 1.1 and 0.1 percentage points higher than that of the previous month. According to Zhao Qinghe’s analysis, the new order indexes of large and medium-sized enterprises were 50.8% and 51.7% respectively, 1.2 and 1.3 percentage points higher than last month. “Recently, the recovery of market demand from large and medium-sized enterprises has accelerated. The PMI of small enterprises was 46.5%, a decrease of 2 percentage points from the previous month, and the prosperity level is still weak.” Zhao Qinghe said.
Demand has improved. The new order index was 49.7%, 0.3 percentage points higher than last month, and rose for two consecutive months, indicating that the manufacturing market demand continued to improve. The price index continued to fall. The purchase price index and ex-factory price index of major raw materials were 48.1% and 45.5%, respectively, which were 4.8 and 3.4 percentage points lower than the previous month. They fell for two consecutive months, and both fell to their lowest points since May 2020.
Non-manufacturing boom levels have rebounded overall
In December 2021, the non-manufacturing business activity index was 52.7%, an increase of 0.4 percentage points from the previous month, and was above the threshold for four consecutive months. The overall non-manufacturing business activity level has rebounded.
The recovery of the service industry has accelerated. The business activity index of the service industry was 52%, an increase of 0.9 percentage points from the previous month, indicating that the pace of recovery of the service industry’s business activities has generally accelerated.
Among the 21 industries surveyed, 13 of the business activity indexes were higher than the threshold, and the service industry’s prosperity has expanded. Among them, air transportation, catering, culture, sports and entertainment, and other industries that were most affected by the epidemic last month, the business activity index rose to the expansion range, and market activity has increased; telecommunications, broadcasting, television and satellite transmission services, currency and financial services, and capital market services Other industries have maintained a high level of prosperity above 60%, and the total business volume has continued to grow rapidly.
The construction industry boomed. Zhao Qinghe said: “Recently, the policy of ensuring supply and stabilizing prices has continued to be effective. The input price index of the construction industry has been 48.1%, which has been below the threshold for two consecutive months, and the cost pressure of enterprises has been relieved to a certain extent.”
Overall, the comprehensive PMI output index remained stable. In December 2021, the comprehensive PMI output index was 52.2%, which was the same as the previous month, indicating that the overall production and operation activities of Chinese enterprises have been expanding steadily. The manufacturing production index and non-manufacturing business activity index that make up the comprehensive PMI output index are 51.4% and 52.7%, respectively.
(Editor in charge: Chang Shuaishuai)
Disclaimer:This article is reproduced by China Net Finance for the purpose of conveying more information, and does not represent the views and positions of this website. Article content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.
.