Interpretation: In March 2019, China'S Manufacturing Purchasing Managers' Index And Non Manufacturing Business Activity Index Both Picked Up.

In March 31, 2019, the National Bureau of Statistics Service Center and the China Federation of logistics and purchasing released the China Purchasing Managers Index. In this regard, Zhao Qinghe, a senior statistician of the National Bureau of Statistics Service Industry Investigation Center, made an interpretation.

1. The purchasing managers' index of manufacturing industry has risen to boom.

In March, manufacturing PMI returned to expansion after 3 consecutive months below the critical point, rising to 50.5%, an increase of 1.3 percentage points from last month. The main features of this month are: first, accelerating production activities and continuously improving domestic demand. After the Spring Festival, manufacturing industry gradually returned to normal production, production index and new order index all rose to 6 month high, of which production index was 52.7%, higher than last month's 3.2 percentage points, and the new order index was 51.6%, higher than last month's 1 percentage points, and the expansion was accelerated for two consecutive months. This shows that with the support of the state to support the development of the real economy, the policy of reducing taxes and lowering fees has gradually fallen to the ground, and both ends of supply and demand have been warmer. The two is the rapid growth of new kinetic energy and the stable operation of the consumer goods industry. The PMI of high-tech manufacturing, equipment manufacturing and consumer goods manufacturing were 52%, 51.2% and 51.4%, respectively, which were significantly higher than that of the manufacturing industry. Among them, agricultural and sideline products processing and pharmaceutical manufacturing PMI are located in the 53% and above relatively high business range. Three, the price index is rising and the purchasing intention of enterprises is enhanced. Driven by rising prices of some production materials in the circulation sector, the main raw material purchase price index and factory price index rose to 53.5% and 51.4%, respectively, higher than last month's 1.6 and 2.9 percentage points, all of which are 5 months high. Among them, oil processing, ferrous metal smelting and calendering processing two industries price index is located in the 56% higher range. In addition, as supply and demand return to warmer, enterprises are stepping up procurement efforts. This month's purchasing volume index has risen to an expansion interval of 51.2%. Four, world economic growth has slowed down, and import and export momentum is still insufficient. The new export orders index and import index were 47.1% and 48.7%, although they rose, but they continued to be below the critical point.

From the scale of enterprises, the PMI of large enterprises is 51.1%, lower than that of last month's 0.4 percentage points, higher than the critical point; the PMI of small and medium enterprises is 49.9% and 49.3%, respectively, up 3 and 4 percentage points respectively.

Two. The index of non manufacturing business activity has steadily increased.

In March, the index of non manufacturing business activity was 54.8%, an increase of 0.5 percentage points from last month. Judging from the quarterly operation, the index was 54.6% in the first quarter, 0.9 percentage points higher than the fourth quarter of last year, and the non manufacturing industry was generally stable and relatively fast growing.

The service industry is stable. This month, the service business activity index was 53.6%, a slight increase of 0.1 percentage points from last month. With the acceleration of manufacturing activity, the index of business activity of producer services rose again after three consecutive months, 57.8%, up 4.8 percentage points from last month. Judging from the industry situation, the business activity index of railway spanportation, loading and unloading, handling and storage, postal service, telecommunications, Internet software, banking, securities and insurance industries is located in the relatively high economic zone above 57%, the total volume of business is growing rapidly and business activities are more active. The business activity index in accommodation and real estate industries is below the critical point, and the industry boom is weak. From the perspective of market demand, the new order index of service industry is 51.5%, up 1 percentage points from last month, and three consecutive months in the expansion area.

The construction industry returned to the high economic zone. The construction business activity index was 61.7%, an increase of 2.5 percentage points from last month. This month, the number of employees increased, the employment index was 54.1%, an increase of 0.9 percentage points from last month, indicating that the expansion of construction industry accelerated with the warming of the climate and the commencement of the post holiday period. From the perspective of market demand, the new order index is 57.9%, up 5.9 percentage points from last month, a 15 month high point. With the acceleration of infrastructure construction projects, the development of the industry is expected to continue to improve.

Three, the composite PMI output index rebounded significantly.

In March, the comprehensive PMI output index was 54%, up 1.6 percentage points from last month, indicating that the overall expansion of our enterprise production and operation activities was accelerated this month. The manufacturing production index and non manufacturing business activity index of the composite PMI output index were 52.7% and 54.8% respectively, and the annulus ratio rose. Among them, the recovery of manufacturing production index has a significant effect on the comprehensive PMI output index.