In February 2019, The PMI Of China'S Manufacturing Industry Was 49.2%.

1. Operation of purchasing managers index of China's manufacturing industry

In February 2019, China's Manufacturing Purchasing Managers Index (PMI) was 49.2%, down 0.3 percentage points from last month.

From the scale of enterprises, the PMI of large enterprises is 51.5%, up 0.2 percentage points from last month, and continues to be higher than the critical point. The PMI of small and medium enterprises is 46.9% and 45.3%, respectively, which is 0.3 and 2 percentage points lower than that of last month, all below the critical point.

According to the classification index, the new order index is higher than the critical point in the 5 classification indices of manufacturing PMI, and the production index, raw material inventory index, employee index and supplier delivery time index are below the critical point.

The production index is 49.5%, down 1.4 percentage points from last month, which is below the critical point, indicating that manufacturing activity has slowed down.

The new order index was 50.6%, up 1 percentage points from last month, returning to the critical point, indicating that the manufacturing market demand rebounded.

The stock index of raw materials was 46.3%, down 1.8 percentage points from last month, still below the critical point, indicating that the main raw material inventory of the manufacturing industry has declined.

The employment index is 47.5%, down 0.3 percentage points from last month, which is below the critical point, indicating that the number of manufacturing enterprises has decreased.

The supplier delivery time index was 49.8%, down 0.3 percentage points from last month, below the critical point, indicating that the delivery time of manufacturing raw material suppliers slowed down compared with last month.

Two. Operation of China's non Manufacturing Purchasing Managers Index

In February 2019, China's non manufacturing business activity index was 54.3%, down 0.4 percentage points from last month, indicating that the non manufacturing sector continued to grow overall.

According to the industry, the business activity index of service industry was 53.5%, 0.1 percentage points lower than that of last month, and the service industry continued to develop well.

In terms of industry, business activities index such as railway pportation, air pport, telecommunications, broadcasting and television, satellite pmission services, monetary and financial services, leasing and business services industries are located in the high economic zone of 55%, and the total business volume has increased rapidly; the business activity index of real estate, residential services and repair industries is below the critical point, and the total business volume has dropped.

The construction business activity index is 59.2%, down 1.7 percentage points from last month, and the construction industry has a high level of callback.

The new order index was 50.7%, down 0.3 percentage points from last month, which is above the critical point, indicating that the demand for non manufacturing market is growing, but the growth rate is slowing down.

According to the industry, the new order index of the service sector was 50.5%, up 0.3 percentage points from last month, above the critical point; the construction industry new order index was 52%, down 3.8 percentage points from last month, and still located in the expansion area.

The price index of the input products was 52.7%, up 0.7 percentage points from last month, which is above the critical point, indicating that the overall price level of the non manufacturing enterprises for the business activities continues to rise.

According to the industry, the price index of the service industry input is 52.5%, up 0.7 percentage points from last month, and the construction industry input price index is 53.6%, up 0.5 percentage points from last month.

The sales price index was 50.1%, up 0.3 percentage points from last month, above the critical point, indicating that the overall level of non manufacturing sales prices rose slightly.

According to the industry, the sales price index of the service sector was 49.8%, up 0.4 percentage points from the previous month, and the construction industry sales price index was 51.7%, down 0.2 percentage points from last month.

The employment index was 48.6%, unchanged from last month, below the critical point, indicating that the employment volume of non manufacturing enterprises continued to decrease.

According to the industry, the index of service industry employees was 47.8%, unchanged from last month, and the construction industry employment index was 53.2%, a slight increase of 0.1 percentage points from last month.

The business activity expectation index is 61.5%, up 1.9 percentage points from last month, and it is located in the high business section, indicating that the non manufacturing enterprises continue to improve the market development expectation.

According to the industry, the service sector business activity index is 60.6%, an increase of 1.8 percentage points from last month, and the construction industry activity activity index is 66.7%, up 2.2 percentage points from last month.

Three. Operation of China's comprehensive PMI output index

In February 2019, the composite PMI output index was 52.4%, down 0.8 percentage points from last month, indicating that the overall production and operation activities of Chinese enterprises have been expanding, but the pace of expansion has slowed down compared with last month.