National Bureau Of Statistics: China'S Manufacturing Purchasing Manager Index (PMI) Of 50.2% In February 2022

1、 Operation of purchasing manager index in China's manufacturing industry

In February, the purchasing manager index (PMI) of China's manufacturing industry was 50.2%, 0.1% higher than that of the previous month, which continued to be higher than the critical point, and the prosperity level of the manufacturing industry rose slightly.

In terms of the size of enterprises, the PMI of large and medium-sized enterprises were 51.8% and 51.4% respectively, up 0.2% and 0.9% over the previous month, both higher than the critical point; PMI of small enterprises was 45.1%, down 0.9 percentage points from last month, lower than the critical point.

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

The production index was 50.4%, down 0.5 percentage points from the previous month, higher than the critical point, indicating that the expansion of manufacturing activities slowed down.

The index of new orders was 50.7%, 1.4 percentage points higher than that of the previous month, returning to the expansion range, indicating that the demand boom of the manufacturing industry has picked up.

The inventory index of raw materials was 48.1%, 1.0 percentage points lower than that of the previous month, indicating that the inventory of major raw materials in the manufacturing industry decreased.

The employment index was 49.2%, up 0.3% from the previous month, indicating that the employment situation of manufacturing enterprises has improved.

The supplier delivery time index was 48.2%, which was 0.6% higher than the previous month, but still below the critical point, indicating that the delivery time of raw material suppliers in the manufacturing industry continued to slow down.

2、 China's non Manufacturing Purchasing Manager Index

In February, the non manufacturing business activity index was 51.6%, up 0.5 percentage points from the previous month, which was higher than the critical point. The overall recovery pace of non manufacturing industry was accelerated.

In terms of industries, the business activity index of the construction industry was 57.6%, up 2.2 percentage points over the previous month. The business activity index of the service industry was 50.5%, up 0.2 percentage points over the previous month. From the perspective of industry situation, the business activity index of railway transportation, air transportation, postal express, telecommunication, radio, television and satellite transmission service, monetary and financial service, culture, sports and entertainment industry is in the high prosperity range above 55.0%; The business activity index of retail, water transportation, capital market service and resident service is lower than the critical point.

The index of new orders was 47.6%, down 0.2 percentage points from the previous month, lower than the critical point, indicating that the non manufacturing market demand has slowed down. In terms of industries, the index of new orders in the construction industry was 55.1%, up 1.8 percentage points over the previous month; The index of new orders in the service sector was 46.3%, down 0.5 percentage points from the previous month.

The input price index was 53.9%, 1.8 percentage points higher than the previous month, higher than the critical point, indicating that the overall level of input prices used by non manufacturing enterprises for business activities continued to rise. In terms of industries, the price index of construction inputs was 58.4%, up 4.8 percentage points over the previous month; The service industry input price index was 53.1%, up 1.3 percentage points from the previous month.

The sales price index was 49.8%, 1.2 percentage points lower than that of the previous month, which was lower than the critical point, indicating that the overall level of non manufacturing sales prices fell slightly compared with the previous month. In terms of industry, the sales price index of construction industry was 53.4%, down 0.4% from the previous month; The sales price index of the service industry was 49.2%, down 1.3 percentage points from the previous month.

The employment index was 48.0%, up 1.1% from the previous month, indicating that the employment situation of non manufacturing enterprises has improved after the festival. In terms of industries, the construction industry employee index was 55.8%, up 6.6 percentage points from the previous month; The service sector employment index was 46.7%, up 0.2 percentage points from the previous month.

The expected index of business activities was 60.5%, up 2.6 percentage points from the previous month, returning to the high economic range, indicating that most non manufacturing enterprises have increased confidence in the recent market development. In terms of industries, the expected index of business activities in the construction industry was 66.0%, up 1.6 percentage points over the previous month; The expected service business activity index was 59.6%, up 2.9 percentage points from the previous month.

3、 China comprehensive PMI Operation of output index

In February, the comprehensive PMI output index was 51.2%, 0.2% higher than that of the previous month, indicating that the overall expansion of production and operation activities of Chinese enterprises has accelerated.