Interpretation: In October 2019, China'S Manufacturing Purchasing Managers Index Fell.

In October 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 dropped.

In October, the PMI of manufacturing industry was 49.3%, down 0.5 percentage points from last month, and the manufacturing boom fell. The main features are as follows: first, production keeps expanding and market demand has come down. The manufacturing industry index was 50.8%, down 1.5 percentage points, and continued in the expansion area. Of the 21 industries surveyed, 13 sectors were located in the expansion area, indicating that production in most sectors of the manufacturing sector increased. Textile, clothing, clothing, paper printing, chemical fiber and rubber plastic products, special equipment, computer communication equipment and other manufacturing industries index of production is located in the high economic zone above 55%. Judging from demand, the new order index is 49.6%, down 0.9 percentage points from last month, and the market demand has weakened. The two is the low operation of the foreign trade market, and the price index has come down. Affected by the continued slowdown in the global economy, the new export orders index and import index were 47% and 46.9%, respectively, down 1.2 and 0.2 percentage points respectively from last month. The purchase price index and ex factory price index of major raw materials were 50.4% and 48%, respectively, 1.8 and 1.9 percentage points lower than that of last month, of which oil, steel, nonferrous metals and other related industries were relatively low price indices. The three is transformation and upgrading. From the point of view of key industries, the PMI of high-tech manufacturing, equipment manufacturing and consumer goods industries is 51.4%, 50.3% and 50.8%, respectively, which are higher than the total 2.1, 1 and 1.5 percentage points of the manufacturing industry. The internal structure of manufacturing industry continues to optimize, and the fundamental role of consumption in economic development continues to emerge. Four, business confidence is relatively stable. The expected production and operation activity index of manufacturing industry was 54.2%, although it fell 0.2 percentage points, but still higher than the three quarter average.

Two, the non manufacturing business activity index continued to expand, and the construction industry index returned to high position.

In October, the non manufacturing business activity index was 52.8%, down 0.9 percentage points from last month, and the non manufacturing sector continued to operate in the expansion section.

The service sector is expected to rebound. The business activity index of the service industry was 51.4%, down 1.6 percentage points, but the business activity expectation index reached 60.3%, up 1 percentage points from last month, and rose to the high prosperity section. Among them, the business activity expectation index of railway transportation, air transportation, postal express, banking, insurance and other industries was above 65%, and the service industry enterprises' confidence in the market development was enhanced. From the industry perspective, the business activity index of accommodation, catering, cultural, sports and entertainment industries is higher than that of last month; the business activity index of information transmission software and information technology services, finance, real estate and other industries is lower than that of last month.

The construction industry returned to the high economic zone. Construction business activity index was 60.4%, an increase of 2.8 percentage points from last month, back to the high economic boom. From the industry category, the housing construction industry business activity index is 64%, a rise of 8.8 percentage points; the civil engineering construction industry business activity index is 59.1%, lower than last month 1.8 percentage points. From the perspective of labor demand and market expectation, the employment index and business activity expectation index were 51.8% and 63.2%, respectively, up 0.7 and 1.2 percentage points respectively from the previous month.

In October, the composite PMI output index was 52%, down 1.1 percentage points from last month, and the production and operation of Chinese enterprises remained in the expansion section. Manufacturing industry production index and non manufacturing business activity index, which constituted the composite PMI output index, were 50.8% and 52.8% respectively.