China'S Manufacturing Purchasing Managers Index For October

According to CCTV news report, on October 31, the China Federation of logistics and purchasing and the service industry survey center of the National Bureau of statistics released the purchasing manager index of China's manufacturing industry for October. This index continues to operate in the high boom range of more than 51%. Vice president of China Federation of logistics and purchasing said the data reflected that China's economy was still recovering steadily. The growth trend of market demand is stronger, the import and export situation continues to improve, and the economy continues to maintain a stable recovery.

In terms of industry, the recovery pace of traditional manufacturing industry has been accelerated. The production index and new order index of textile, chemical fiber, rubber and plastic products, steel smelting and calendering processing, nonferrous metal smelting and calendering processing, metal products and other industries have increased to varying degrees compared with last month.

The import and export situation also continued to improve. In October, the new export order index was 51%, 0.2 percentage points higher than the previous month; the import index was 50.8%, 0.4 percentage points higher than the previous month; both indicators were higher than 50%, indicating that the import and export continued to grow on the basis of the previous month, and the "double cycle" of China's economy is continuing to advance.

In addition, the survey results show that the new order index of small enterprises has also declined, which is significantly lower than the overall level of manufacturing industry. Some survey enterprises reflect that due to the recent outbreak of epidemic in many foreign countries, enterprises are facing the pressure of prolonged procurement cycle of imported raw materials and rising transportation costs.