Interpretation: The expansion of China's manufacturing purchasing managers Index and non-manufacturing business activity index accelerated in May 2018

National Bureau of Statistics 本站 2018-06-01 1371

2018531The Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index yesterday。In this regard, Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, carried out an understanding。

First, the manufacturing purchasing managers' index improved significantly

5Month, ManufacturingPMI51.9%, higher than last month and a year earlier0.50.7A percentage point, for201710Since the high point in October, the pace of expansion of the manufacturing industry has accelerated, and the development momentum has been further strengthened。The main features of this month: First, both sides of supply and demand coordinated efforts, market activity increased。The production index and the new orders index are54.1%53.8%Respectively higher than last month1.00.9A percentage point, up to its highest for the year。Second, the pace of industrial transformation and upgrading accelerated, and the supporting role of new drivers continued to increase。Equipment manufacturing and high-tech manufacturingPMI53.0%54.8%Respectively up from the previous month1.31.0Percentage points, and continue to be higher than the overall level of manufacturing。Consumer goods manufacturingPMI52.7%Is basically unchanged from last month, and the trend is stable。Third, the traditional industries have rebounded, and the production and operation of enterprises have improved。Energy-intensive manufacturingPMI50.5%Returned to the expansion range, respectively, higher than last month and a year ago0.62.4Percentage points, which ferrous metal smelting and rolling processing industryPMIRise to recent highs。Fourth, both the import and export indexes rebounded, and foreign trade showed steady improvement。The new export orders index and the import index are51.2%50.9%Respectively up from the previous month0.50.7Both remained in expansion territory for three consecutive months。Fifth, influenced by factors such as the recovery of market demand and the rise in international commodity prices, the price index has risen significantly。The purchasing price index and ex-factory price index of major raw materials are56.7%53.2%Respectively up from the previous month3.73.0That's up from a year earlier7.25.6Percentage point。Among them, the purchase price index and ex-factory price index of the main raw materials in the petroleum processing and coking industry, ferrous metal smelting and rolling processing industry are higher60.0%And the sequential increase is larger。

According to the survey results, the proportion of companies that reported financial stress this month was40.1%Rising for three consecutive months, the support of financial services to the real economy still needs to be further enhanced。At the same time, the proportion of enterprises reflecting high raw material costs and labor costs continues to exceed 40%, and the cost pressure is still one of the main problems in the production and operation of enterprises。

From the perspective of enterprise scale, large and medium-sized enterprisesPMI53.1%51.0%Respectively higher than last month1.10.3A percentage point;Small enterprisePMI49.6%That's down from last month0.7Percentage points, the expected index of production and business activities is58.2%, higher than last month0.9Percentage points, indicating that small enterprises are still more optimistic about future development expectations。

Second, the non-manufacturing business activity index rose for three consecutive months

5In October, the non-manufacturing business activity index was54.9%Compared with the previous year, respectively0.10.4The non-manufacturing industry as a whole continued a steady and rising momentum of development。

The service sector continued to improve。The service business activity index is54.0%, up from last month0.2That's up from a year earlier0.5Percentage points, the second highest point in the year, and the driving role of consumption on the growth of the service industry is more obvious。From the perspective of industry categories, the business activity index of air transportation, postal express delivery, telecommunications, Internet software and other industries closely related to consumption continues to be located60.0%Above the high boom zone, the expansion momentum is strong;The business activity index of traditional industries such as retail and accommodation is higher than the overall level of the service industry。The business activity index of capital market, resident service and other industries is lower than the critical point, and the total business has declined。From the perspective of market demand, the new order index is50.4%,上升0.1Higher than the critical point for two consecutive months, and market demand has maintained expansion。

The construction industry continued to grow rapidly。Affected by severe weather such as rainstorms and floods in some areas, the business activity index of the construction industry this month was60.1%That's down from last month0.5For the third month in a row60.0%Above the high expansion range, the construction industry production and operation continue to be active。From the perspective of market expectations, the business activity expectation index is65.1%Continue to be located in the high boom range, and the confidence of enterprises in the future market is still strong。

Iii. ComprehensivePMIThe output index rose to its highest for the year

5Month, comprehensivePMIThe output index is54.6%, higher than last month0.5Percentage points, indicating that the overall pace of expansion of Chinese enterprises' production and business activities has accelerated。Among them, constitute synthesisPMIThe manufacturing production index and the non-manufacturing business activity index of the output index are54.1%54.9%Month-on-month has increased, this month's manufacturing production index rose higher than the non-manufacturing business activity index。

Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics20185China Purchasing Managers Index