Statistics Bureau Interpretation Of September PMI: Economic Growth Into The New Normal

In October 1, 2014, the purchasing managers' index of China's manufacturing industry released by the National Bureau of Statistics Service Industry Survey Center and the China Federation of logistics and purchasing showed that the PMI of China's manufacturing industry in September 2014 was 51.1%, unchanged from last month, indicating that China's manufacturing industry continues to expand in general.

Judging from the sub index, this month's production index, new order index and new export orders index are above the critical point.

The production index rose slightly to 53.6% last month after a brief decline last month, and manufacturing industry continued to maintain steady growth trend.

The new order index was 52.2%, down from 0.3 percentage points last month, which continued to be above the critical point, indicating that the market demand expansion trend has not changed, but the growth rate has slowed down.

The new export orders index was 50.2%, an increase of 0.2 percentage points from last month, returning to the top of the critical point, indicating that the volume of orders from foreign products increased this month as western traditional holidays approached.

From the scale of different enterprises, the PMI of large enterprises was 52%, a slight increase of 0.1 percentage points from last month, which continued to be above the critical point; the PMI of medium-sized enterprises was 50%, up 0.1 percentage points from last month, reaching the critical point; the small business PMI was 48.6%, down 0.5 percentage points from last month, which is below the critical point continuously, indicating that the difficulties faced by small enterprises in the process of industrial restructuring are still larger.

Judging from the import situation, due to the recent

Weak demand for manufacturing enterprises

The demand for raw materials has slowed down, with an import index of 48%, which is below the critical point.

Judging from the purchasing situation of enterprises, the purchasing volume index is 51.2%, down 0.7 percentage points from last month, and the increase of raw material procurement has narrowed. Meanwhile, with the low price of international commodity prices, the purchasing price index of major raw materials has dropped to 47.4%, which has been below the critical point for 2 consecutive months, indicating that the purchasing intention of enterprises has declined.

Judging from the recent trend of PMI and other major economic indicators, China's economic growth has entered a new normal, and small and micro enterprises in manufacturing industry still face many difficulties.

The next step is to increase the implementation of the "directional" reform and adjustment measures that have been introduced to support the development of the real economy and small and micro enterprises, so as to promote economic stability and pformation and upgrading.

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