National Bureau Of Statistics: China'S Purchasing Managers' Index Will Be 51.9% In March 2023

1、 Operation of China's manufacturing PMI

In March, the purchasing managers' index (PMI) of the manufacturing industry was 51.9%, down 0.7 percentage points from the previous month, higher than the critical point, and the manufacturing industry kept expanding.

From the perspective of enterprise scale, the PMI of large, medium and small enterprises was 53.6%, 50.3% and 50.4% respectively, 0.1, 1.7 and 0.8 percentage points lower than that of the previous month, and all above the critical point.

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

The production index was 54.6%, 2.1 percentage points lower than that of the previous month, which continued to be higher than the critical point, indicating that manufacturing production continued to expand.

The index of new orders was 53.6%, down 0.5 percentage points from the previous month, and kept above the critical point, indicating that the market demand of the manufacturing industry continued to increase.

The raw material inventory index was 48.3%, down 1.5 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry has expanded.

The employee index was 49.7%, down 0.5 percentage point from the previous month, indicating that the employment boom level of manufacturing enterprises fell back.

The supplier delivery time index was 50.8%, 1.2 percentage points lower than the previous month, still higher than the critical point, indicating that the delivery time of raw material suppliers in the manufacturing industry continued to accelerate.

2、 Operation of China's non manufacturing PMI

In March, the non manufacturing business activity index was 58.2%, 1.9 percentage points higher than the previous month, higher than the critical point, and the pace of recovery and development of the non manufacturing industry accelerated.

By industry, the construction business activity index was 65.6%, up 5.4 percentage points over the previous month. The business activity index of the service industry was 56.9%, up 1.3 percentage points over the previous month. In terms of industry, the business activity index of retail, railway transportation, road transportation, air transportation, Internet software and information technology services, monetary and financial services, leasing and business services and other industries is at a high boom range of more than 60.0%; The business activity index of wholesale, water transport and other industries is below the critical point.

The index of new orders was 57.3%, up 1.5 percentage points from the previous month, higher than the critical point, indicating that the demand of the non manufacturing market continued to rise. By industry, the new order index of the construction industry was 50.2%, down 11.9 percentage points from the previous month; The index of new orders in the service industry was 58.5%, up 3.8 percentage points over the previous month.

The input price index was 50.3%, 0.8 percentage points lower than that of the previous month, higher than the critical point, indicating that the overall increase in the price of inputs used by non manufacturing enterprises for business activities fell back. By industry, the input price index of the construction industry was 54.4%, down 0.9 percentage points from the previous month; The input price index of the service industry was 49.6%, down 0.8 percentage points from the previous month.

The sales price index was 47.8%, down 3.0 percentage points from the previous month, lower than the critical point, indicating that the overall sales price level of the non manufacturing industry declined. By industry, the sales price index of the construction industry was 50.9%, 2.7 percentage points lower than that of the previous month; The service industry sales price index was 47.3%, down 3.1 percentage points from the previous month.

The employee index was 49.2%, down 1.0 percentage points from the previous month, indicating that the employment boom level of non manufacturing enterprises has fallen back. By industry, the index of construction industry employees was 51.3%, down 7.3 percentage points from the previous month; The index of service industry employees was 48.8%, up 0.1 percentage point over the previous month.

The expected index of business activities was 63.3%, 1.6 percentage points lower than that of last month, and remained at a high boom range, indicating that non manufacturing enterprises remained stable in their confidence in the recent market recovery and development. By industry, the expected index of business activities in the construction industry was 63.7%, down 2.1 percentage points from the previous month; The expected index of service business activities was 63.2%, down 1.6 percentage points from the previous month.

3、 Operation of China's comprehensive PMI output index

In March, the comprehensive PMI output index was 57.0%, 0.6 percentage points higher than that of the previous month, which is in a high boom zone, indicating that the overall production and operation situation of Chinese enterprises continues to improve.