Continued Downward Pressure On Manufacturing Continues To Expand.

According to a report released by the State Statistics Bureau and other departments on 1, in September, China's Manufacturing Purchasing Managers Index (PMI) dropped to 51.1%, with the main sub index rising or falling.

Experts said that this shows that China's manufacturing industry continues to expand in general, but there is still a downward pressure on economic operation, and the foundation for stabilization needs to be consolidated.

"In September, the PMI index was unchanged from last month, and remained above the 50% dividing line, indicating that the basic trend of steady economic growth in the future will not be changed.

"Zhang Liqun, a researcher with the Ministry of macroeconomic research of the State Council Development Research Center, said.

He also said that in September, the order class index declined, purchasing volume and purchase price index dropped, reflecting the development of enterprises' inventory activities, low confidence of enterprises and a downward pressure on economic growth.

Data released on the day showed that in the PMI classification index in September, the new order index was 52.2%, continued to be above the critical point, but fell 0.3 percentage points from last month, and has fallen for two months in a row.

Among them, the new export orders index was 50.2%, a slight increase of 0.2 percentage points from last month, returning to the top of the critical point.

Zhao Qinghe, a senior statistician of the National Bureau of Statistics Service Industry Research Center, said that this shows that the market demand is expanding but the growth rate has slowed down. With the influence of the western traditional holidays approaching in the fourth quarter, the order quantity of products from abroad increased this month.

In September, the PMI production index increased by 0.4 percentage points to 53.6%, and finished product inventory index experienced a continuous rise and then fell, down 0.9 percentage points to 47.2%.

China Logistics Information Center Chen Zhongtao analysis shows that this shows

Activity is steadily rising, and the decline in finished goods inventory has brought some room for the recovery of production activities.

Especially from the perspective of the development of the industry, the new orders and production indices of non-metallic mineral products such as cement and railway pport equipment increased significantly, indicating that the supporting role of infrastructure investment in economic growth in the later period is expected to be enhanced.

"Three quarter

The average level is 51.3%, slightly higher than the first half and the same period last year, indicating that the three quarter economic operation is basically stable, and the growth rate is still in a moderate and reasonable range.

"Chen Zhongtao said.

Experts say that the "warning" signals released in PMI data can not be ignored.

First of all, the traditional demand for peak season began in September, and all over the same period showed a seasonal rebound. However, the PMI data declined even before the trend, but the trend is still weak.

Bank of communications Financial Research Center report pointed out that this indicates that the economic slowdown has not been significantly improved, the fourth quarter of manufacturing PMI still has downward pressure.

At the same time, different

The performance of enterprises continues to differentiate.

In September, the PMI of large enterprises was 52%, which continued to be above the critical point. The PMI of small enterprises continued to decline by 0.5 percentage points last month, to 48.6%.

"The difficulties faced by small enterprises in the process of industrial restructuring remain great.

"Zhao Qinghe suggested that 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.