Interpretation: Manufacturing Purchasing Managers Index And Non Manufacturing Business Activity Index Fell By One Litre In April.

In April 30, 2020, 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.

Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, the epidemic prevention and control situation has been further consolidated, production and living order has been quickening and recovery, and manufacturing and non manufacturing production and operation activities have continued to improve. In April 2020, the manufacturing purchasing managers' index and the non manufacturing business activity index were all above the credit line. The manufacturing purchasing managers' index was 50.8%, down 1.2 percentage points from last month. The non manufacturing business activity index was 53.2%, an increase of 0.9 percentage points from last month, of which 59.7% and 52.1% for construction industry and service industry respectively, 4.6 and 0.3 percentage points higher than last month. The PMI output index was 53.4%, up 0.4 percentage points from last month. As of April 25th, the rate of resumption of large and medium-sized enterprises in the national purchasing managers survey enterprises was 98.5%, an increase of 1.9 percentage points compared with the March survey results, of which the manufacturing industry was 99.7%, an increase of 1 percentage points.

　　 1. The purchasing managers index of manufacturing industry has dropped.

In April, the production and operation situation of manufacturing industry continued to improve, but the expansion was weakened. Among the 21 industries surveyed, PMI index of 9 industries, including food and alcoholic beverages, refined tea, automobile manufacturing and petroleum processing, was higher than that of last month. The PMI index of 12 industries, such as textile, chemical raw materials, paper making and printing, was lower than that of last month. Key features of this month:

First, the resumption of work and resumption of production continued. Production index was 53.7%, lower than last month's 0.4 percentage points, and manufacturing activity continued to recover. From the perspective of labor demand, the employment index is 50.2%, and the employment volume of enterprises has increased for two consecutive months. As of April 25th, 77.3% of the enterprises in the national manufacturing purchasing managers surveyed had reached 80% above normal level, which was 9.4 percentage points higher than that of last month.

Two, large and medium-sized enterprises have maintained recovery. The PMI of large and medium-sized enterprises were 51.1% and 50.2% respectively, 1.5 and 1.3 percentage points lower than that of last month, while PMI for small enterprises was 51%, up 0.1 percentage points from last month. From the production activities, the production index of large, medium and small enterprises is 54.1%, 53.3% and 53.4% respectively, and production continues to rise.

Three, demand recovery is weaker than production. The new order index was 50.2%, down 1.8 percentage points from last month, lower than the production index. Among the 21 industries surveyed, the new orders index of 15 industries, such as textile, textile and clothing, chemical raw materials and so on, is lower than the production index, and the recovery of industry demand lags behind production. According to the survey results, the proportion of enterprises reflecting insufficient orders is as high as 57.7%. Some enterprises reflect weak market demand and face difficulties in product sales.

The four is the increase of uncertainty in the import and export market. With the rapid spread of foreign epidemic and the sharp contraction of global economic activities, China's foreign trade faces greater challenges. The new export orders index and import index were 33.5% and 43.9% respectively, down 12.9 and 4.5 percentage points from last month. Some manufacturing enterprises reflected the sharp reduction in the new export orders, and even the orders which had been started production were cancelled.

　　 Two. Non manufacturing business activity index is higher than last month.

In April, the index of non manufacturing business activity was 53.2%, higher than that of last month's 0.9 percentage points, and the construction industry and service industry rose to varying degrees.

Construction activities accelerated recovery. The construction business activity index was 59.7%, an increase of 4.6 percentage points from last month, of which the civil engineering construction industry is higher than the whole. From the labor demand and market expectations, the construction industry practitioners index and business activity expectations index were 57.1% and 65.4%, up 4 and 5.5 percentage points respectively.

The service sector has recovered steadily. The service business activity index was 52.1%, an increase of 0.3 percentage points from last month. Under the policy of promoting the resumption of business, resuming business and resuming business, expanding consumption and increasing public consumption, business activities in most sectors of the service industry have been steadily restored. Of the 21 industries surveyed, 14 industries had an index of business activity above 50%. Among them, the retail business activity index closely related to the basic livelihood of the residents has been in the two month for more than 60% months, and the business activities have resumed relatively fast. Recently, the catering and consumption activities in various places have been resumed, the catering industry has been significantly warmer than the previous month, and the business activity index has risen to more than 60%; the information transmission software and technical service business activity index has increased significantly, and the new kinetic energy has further boosted our economy. Economic recovery and consumption growth.

Although the business activity index of service industry has picked up for two consecutive months, some industries are still lagging behind. Industries such as accommodation, culture, sports and entertainment, and residents' services were greatly affected by the epidemic. The business activity index was below 45% for three consecutive months, and the production and operation of the related enterprises was rather difficult.

　 Three, the composite PMI output index picked up slightly.

In April, the composite PMI output index was 53.4%, an increase of 0.4 percentage points from last month, and the production and operation activities of Chinese enterprises continued to recover. The manufacturing production index and non manufacturing business activity index, which constituted the composite PMI output index, were 53.7% and 53.2%, respectively.