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On March 31, 2022, the Service Industry Survey Center of the National Bureau of Statistics and China Federation of Logistics and Purchasing released the China Purchasing Managers Index
.
In this regard, Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, made an interpretation
.
.
In this regard, Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, made an interpretation
.
Recently, clustered epidemics have occurred in many places in China, coupled with a significant increase in international geopolitical instability, the production and operation activities of Chinese enterprises have been affected to a certain extent
.
In March, the manufacturing purchasing managers' index, the non-manufacturing business activity index and the composite PMI output index were 49.
5%, 48.
4% and 48.
8% respectively, which were 0.
7, 3.
2 and 2.
4 percentage points lower than the previous month.
Below the critical point, indicating that the overall level of China's economic prosperity has declined
.
At the same time, the surveyed enterprises reported that with the effective control of the epidemic in some areas, the suppressed production and demand will gradually recover, and the market is expected to pick up
.
.
In March, the manufacturing purchasing managers' index, the non-manufacturing business activity index and the composite PMI output index were 49.
5%, 48.
4% and 48.
8% respectively, which were 0.
7, 3.
2 and 2.
4 percentage points lower than the previous month.
Below the critical point, indicating that the overall level of China's economic prosperity has declined
.
At the same time, the surveyed enterprises reported that with the effective control of the epidemic in some areas, the suppressed production and demand will gradually recover, and the market is expected to pick up
.
1.
The manufacturing PMI is below the critical point
1. The manufacturing PMI is below the critical point
The manufacturing PMI is below the critical point
In March, the manufacturing PMI was 49.
5%, and the overall production and operation activities of the manufacturing industry slowed down
.
5%, and the overall production and operation activities of the manufacturing industry slowed down
.
(1) The two ends of production and demand fell synchronously
.
Affected by the current round of the epidemic, some companies in some areas temporarily reduced production and stopped production, which also affected the normal production and operation of upstream and downstream related companies; at the same time, the recent international geopolitical conflict has intensified, and some companies' export orders have been reduced or cancelled.
Manufacturing activities and markets Demand has weakened
.
The production index and new orders index were 49.
5% and 48.
8%, respectively, down 0.
9 and 1.
9 percentage points from the previous month, and both fell to the contraction range
.
From the perspective of the industry, the production index and new order index of the textile, textile and apparel, general equipment and other industries both fell to a low level below 45.
0%, and the industry's supply and demand were both weak; agricultural and sideline food processing, food and beverages, refined tea, electrical machinery and equipment, etc.
The two indexes of the industry are both higher than the critical point, and the production and demand keep expanding
.
.
Affected by the current round of the epidemic, some companies in some areas temporarily reduced production and stopped production, which also affected the normal production and operation of upstream and downstream related companies; at the same time, the recent international geopolitical conflict has intensified, and some companies' export orders have been reduced or cancelled.
Manufacturing activities and markets Demand has weakened
.
The production index and new orders index were 49.
5% and 48.
8%, respectively, down 0.
9 and 1.
9 percentage points from the previous month, and both fell to the contraction range
.
From the perspective of the industry, the production index and new order index of the textile, textile and apparel, general equipment and other industries both fell to a low level below 45.
0%, and the industry's supply and demand were both weak; agricultural and sideline food processing, food and beverages, refined tea, electrical machinery and equipment, etc.
The two indexes of the industry are both higher than the critical point, and the production and demand keep expanding
.
(2) The price index continued to rise
.
Affected by the recent sharp fluctuations in international bulk commodity prices and other factors, the purchasing price index and ex-factory price index of major raw materials were 66.
1% and 56.
7%, respectively, 6.
1 and 2.
6 percentage points higher than the previous month, and both rose to near 5-month highs
.
From the perspective of the industry, the purchase price index and the ex-factory price index of the main raw materials in upstream industries such as petroleum coal and other fuel processing, ferrous metal smelting and rolling processing, non-ferrous metal smelting and rolling processing, etc.
both exceeded 70.
0%, which brought a relatively high impact on the middle and downstream industries.
high cost pressure
.
.
Affected by the recent sharp fluctuations in international bulk commodity prices and other factors, the purchasing price index and ex-factory price index of major raw materials were 66.
1% and 56.
7%, respectively, 6.
1 and 2.
6 percentage points higher than the previous month, and both rose to near 5-month highs
.
From the perspective of the industry, the purchase price index and the ex-factory price index of the main raw materials in upstream industries such as petroleum coal and other fuel processing, ferrous metal smelting and rolling processing, non-ferrous metal smelting and rolling processing, etc.
both exceeded 70.
0%, which brought a relatively high impact on the middle and downstream industries.
high cost pressure
.
(3) The high-tech manufacturing industry continued to expand
.
The high-tech manufacturing PMI was 50.
4%, which was down from the previous month, but remained in the expansion range
.
From the perspective of enterprise employment and market expectations, the employment index and business activity expectation index of high-tech manufacturing were 52.
0% and 57.
8%, respectively, 3.
4 and 2.
1 percentage points higher than the overall manufacturing industry
.
It shows that the high-tech manufacturing industry has strong development resilience, and enterprises continue to be optimistic about the future market development
.
.
The high-tech manufacturing PMI was 50.
4%, which was down from the previous month, but remained in the expansion range
.
From the perspective of enterprise employment and market expectations, the employment index and business activity expectation index of high-tech manufacturing were 52.
0% and 57.
8%, respectively, 3.
4 and 2.
1 percentage points higher than the overall manufacturing industry
.
It shows that the high-tech manufacturing industry has strong development resilience, and enterprises continue to be optimistic about the future market development
.
(4) The operation of large enterprises is relatively stable
.
The PMI of large enterprises was 51.
3%, which was 0.
5 percentage points lower than the previous month, but 1.
8 percentage points higher than the overall manufacturing industry, which was in the economic range and continued to expand
.
The PMI of medium-sized enterprises was 48.
5%, which was 2.
9 percentage points lower than the previous month and fell to the contraction range
.
The Small Business PMI, at 46.
6%, continues to be below the tipping point
.
.
The PMI of large enterprises was 51.
3%, which was 0.
5 percentage points lower than the previous month, but 1.
8 percentage points higher than the overall manufacturing industry, which was in the economic range and continued to expand
.
The PMI of medium-sized enterprises was 48.
5%, which was 2.
9 percentage points lower than the previous month and fell to the contraction range
.
The Small Business PMI, at 46.
6%, continues to be below the tipping point
.
At the same time, some surveyed companies reported that due to the impact of the current round of the epidemic, there were insufficient personnel on duty, poor logistics and transportation, and prolonged delivery cycles
.
The supplier delivery time index this month was 46.
5%, 1.
7 percentage points lower than the previous month and the lowest point since March 2020.
The stability of the manufacturing supply chain has been affected to a certain extent
.
.
The supplier delivery time index this month was 46.
5%, 1.
7 percentage points lower than the previous month and the lowest point since March 2020.
The stability of the manufacturing supply chain has been affected to a certain extent
.
2.
The non-manufacturing business activity index dropped significantly
2. The non-manufacturing business activity index dropped significantly
The non-manufacturing business activity index dropped significantly
In March, the non-manufacturing business activity index was 48.
4%, 3.
2 percentage points lower than the previous month.
The non-manufacturing business activity level declined, and the business activities of enterprises generally slowed down
.
4%, 3.
2 percentage points lower than the previous month.
The non-manufacturing business activity level declined, and the business activities of enterprises generally slowed down
.
(1) The prosperity level of the service industry has dropped significantly
.
The service industry has been significantly affected by the current round of the epidemic.
The business activity index was 46.
7%, 3.
8 and 8.
5 percentage points lower than the previous month and the same period of the previous year, respectively.
The market activity of the service industry has weakened
.
From the perspective of the industry, railway transportation, air transportation, accommodation, catering and other contact clusters have been greatly affected by the epidemic, business activities have decreased significantly, and the business activity index has dropped by more than 20.
0 percentage points, and the operating pressure of enterprises has increased
.
At the same time, the prosperity level of some industries is relatively high.
The business activity indices of industries such as telecommunications, radio, television, satellite transmission services, and monetary and financial services are all in the high prosperity range of over 60.
0%, and the total business volume has grown rapidly
.
.
The service industry has been significantly affected by the current round of the epidemic.
The business activity index was 46.
7%, 3.
8 and 8.
5 percentage points lower than the previous month and the same period of the previous year, respectively.
The market activity of the service industry has weakened
.
From the perspective of the industry, railway transportation, air transportation, accommodation, catering and other contact clusters have been greatly affected by the epidemic, business activities have decreased significantly, and the business activity index has dropped by more than 20.
0 percentage points, and the operating pressure of enterprises has increased
.
At the same time, the prosperity level of some industries is relatively high.
The business activity indices of industries such as telecommunications, radio, television, satellite transmission services, and monetary and financial services are all in the high prosperity range of over 60.
0%, and the total business volume has grown rapidly
.
(2) The prosperity level of the construction industry rose slightly
.
With the warming of the climate, the construction progress of the construction industry has accelerated.
The business activity index was 58.
1%, an increase of 0.
5 percentage points from the previous month, of which the business activity index of the civil engineering and construction industry was 64.
7%, 6.
1 percentage points higher than the previous month, up 0.
5 percentage points from the previous month.
to a high level of prosperity
.
From the perspective of market expectations, the business activity expectation index is 60.
3%, although it has dropped from the previous month, but it continues to be in a high economic range, and companies are still relatively optimistic about the development prospects of the industry
.
.
With the warming of the climate, the construction progress of the construction industry has accelerated.
The business activity index was 58.
1%, an increase of 0.
5 percentage points from the previous month, of which the business activity index of the civil engineering and construction industry was 64.
7%, 6.
1 percentage points higher than the previous month, up 0.
5 percentage points from the previous month.
to a high level of prosperity
.
From the perspective of market expectations, the business activity expectation index is 60.
3%, although it has dropped from the previous month, but it continues to be in a high economic range, and companies are still relatively optimistic about the development prospects of the industry
.
3.
The composite PMI output index fell to the contraction range
3. The composite PMI output index fell to the contraction range
The composite PMI output index fell to the contraction range
In March, the comprehensive PMI output index was 48.
8%, 2.
4 percentage points lower than the previous month, indicating that the production and operation prosperity level of Chinese enterprises has declined
.
The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 49.
5% and 48.
4%, respectively
.
Although China's overall economic prosperity level has declined, the manufacturing production and operation activity expectation index and non-manufacturing business activity expectation index are 55.
7% and 54.
6% respectively, which continue to remain in the prosperity range, and most companies still have confidence in the market development
.
8%, 2.
4 percentage points lower than the previous month, indicating that the production and operation prosperity level of Chinese enterprises has declined
.
The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 49.
5% and 48.
4%, respectively
.
Although China's overall economic prosperity level has declined, the manufacturing production and operation activity expectation index and non-manufacturing business activity expectation index are 55.
7% and 54.
6% respectively, which continue to remain in the prosperity range, and most companies still have confidence in the market development
.
(Original title: my country's Manufacturing Purchasing Managers Index (PMI) was 49.
5% in March)
5% in March)
