China'S Manufacturing Purchasing Managers Index (PMI) Of 51.9% In December 2020

　 I. operation of purchasing manager index of China's manufacturing industry

In December, the purchasing manager index (PMI) of China's manufacturing industry was 51.9%, down 0.2% from the previous month, but it was above the critical point for 10 consecutive months, indicating that the manufacturing industry continued to recover steadily.

From the perspective of enterprise scale, the PMI of large enterprises was 52.7%, which was 0.3 percentage points lower than the previous month, but still higher than the critical point; the PMI of medium-sized enterprises was 52.7%, up 0.7% from the previous month, and continued to be above the critical point; the PMI of small enterprises was 48.8%, down 1.3 percentage points from the previous month, lower than the critical point.

From the perspective of sub index, the production index and new order index are higher than the critical point, while the raw material inventory index, employee index and supplier delivery time index are lower than the critical point.

The production index was 54.2%, down 0.5 percentage points from the previous month, but still higher than the critical point, indicating that the growth rate of manufacturing industry has slowed down slightly.

The index of new orders was 53.6%, down 0.3% from the previous month, but still higher than the critical point, indicating the continuous improvement of the manufacturing market demand.

The inventory index of raw materials was 48.6%, which was the same as that of the previous month, which was lower than the critical point, indicating that the inventory of main raw materials in the manufacturing industry decreased compared with the previous month.

The employment index was 49.6%, a slight increase of 0.1% over the previous month, indicating that the employment situation of manufacturing enterprises has improved slightly.

The supplier delivery time index was 49.9%, down 0.2% from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry slowed down compared with the previous month.

2. Operation of purchasing manager index of China's non manufacturing industry

In December, the non manufacturing business activity index was 55.7%, which was lower than 0.7% of the previous month, but it continued to be in a relatively high boom range, and the non manufacturing industry continued to recover steadily.

In terms of industry, the business activity index of the construction industry was 60.7%, 0.2 percentage points higher than that of the previous month. The business activity index of the service industry was 54.8%, 0.9 percentage points lower than that of the previous month. From the perspective of industry situation, the business activity index of air transport, post, telecommunication, radio and television satellite transmission service, monetary and financial service, capital market service and other industries is in the high prosperity range of more than 60.0%; the business activity index of catering, real estate, ecological protection and environmental management is below the critical point.

The index of new orders was 51.9%, down 0.9% from the previous month, indicating that the growth of non manufacturing market demand has slowed down. In terms of industries, the index of new orders in the construction industry was 55.8%, up 1.8 percentage points over the previous month; the index of new orders in the service industry was 51.2%, down 1.4 percentage points from the previous month.

The input price index was 54.3%, up 1.6 percentage points over the previous month, indicating that the prices of inputs used by non manufacturing enterprises for business activities continued to rise. In terms of industries, the price index of construction inputs was 61.2%, up 3.7 percentage points over the previous month; the price index of inputs in service industry was 53.1%, up 1.2 percentage points over the previous month.

The sales price index was 52.3%, up 1.3 percentage points over the previous month, indicating that the sales prices of non manufacturing industries continued to rise in general. By industry, the sales price index of the construction industry was 54.0%, up 2.7 percentage points over the previous month; the sales price index of the service industry was 52.0%, up 1.1 percentage points over the previous month.

The employment index was 48.7%, down 0.2% from the previous month, indicating that the employment situation of the non manufacturing industry has dropped slightly. In terms of industries, the construction industry employee index was 52.7%, down 1.7% from the previous month; the service industry employee index was 48.0%, up 0.1 percentage point from the previous month.

The expected index of business activities was 60.6%, down 0.6% from the previous month, but it remained in the high boom range, indicating that most non manufacturing enterprises continued to be optimistic about the stable recovery of the industry. In terms of industries, the expected index of business activities in the construction industry was 63.5%, up 1.7 percentage points over the previous month; the expected index of business activities in the service industry was 60.1%, down 1.0 percentage points from the previous month.

　 3. Operation of China's comprehensive PMI output index

In December, the comprehensive PMI output index was 55.1%, which was 0.6 percentage points lower than that of the previous month, but it was in a relatively high boom range of more than 55.0% for four consecutive months, indicating that the production and operation activities of China's enterprises have continued to recover in the near future.