China’s three major indexes, including the manufacturing purchasing managers index (PMI), rebounded simultaneously in September, signaling positive signals for the country’s economic performance. According to data released by the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing, the PMI, the non-manufacturing business activity index, and the comprehensive PMI output index were 50.2%, 51.7%, and 52% respectively. This represents an increase of 0.5, 0.7, and 0.7 percentage points from the previous month, placing all three indexes in the expansion range.
The manufacturing PMI, in particular, rebounded for the fourth consecutive month in September, reaching the expansion range for the first time since April. Among the 21 industries surveyed, 11 industries had a PMI above the critical point, indicating an expansion in the manufacturing sector. The manufacturing production index and new orders index also showed growth, reaching 52.7% and 50.5% respectively.
The recovery in market demand and increased manufacturing production activities contributed to the positive performance of the indexes. Companies have stepped up their purchasing efforts to meet production needs, resulting in a rise in the purchasing volume index to 50.7%. This, coupled with an accelerated pace of market supply and demand recovery, led to an overall increase in manufacturing market prices.
The rebound in the PMI was seen across all key industries, including equipment manufacturing, high-tech manufacturing, and consumer goods industries. Sales of products such as floor scrubbers and vacuum cleaners have significantly rebounded, indicating a broader market recovery.
Business expectations for production and operating activities remained optimistic, with the expectation index stable above 55% for the third consecutive month. However, some manufacturing companies reported intensified industry competition, high raw material costs, and financial constraints, indicating that the sector still faces challenges in resuming development.
In the non-manufacturing sector, the non-manufacturing business activity index rose to 51.7%, while the service industry’s business activity index reached 50.9%, indicating an acceleration in expansion. The construction industry also experienced growth, with a business activity index of 56.2%.
Industry analysts view the rebound in the PMI as a positive sign of China’s economic recovery and increased endogenous power. Against the backdrop of a more complex and challenging global environment, China’s economy remains a crucial engine for global economic growth.
Government officials, including Cong Liang, deputy director of the National Development and Reform Commission, emphasized the importance of existing and incremental policies in promoting continued economic recovery. With policy effects accumulating and positive factors increasing, China’s economy is expected to rebound and improve in the long term.