China'S Manufacturing Purchasing Managers Index (PMI) Of 51.5% In September 2020

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

In September, the purchasing manager index (PMI) of China's manufacturing industry was 51.5%, up 0.5% from the previous month, indicating a rebound in the manufacturing industry.

In terms of the size of enterprises, the PMI of large enterprises was 52.5%, up 0.5 percentage points compared with the previous month; the PMI of medium-sized enterprises was 50.7%, down 0.9 percentage points from the previous month; and the PMI of small enterprises was 50.1%, up 2.4 percentage points over the previous month.

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

The production index was 54.0%, an increase of 0.5 percentage points over the previous month, indicating that the production of the manufacturing industry continued to grow on a month on month basis.

The index of new orders was 52.8%, up 0.8% from the previous month, indicating that the manufacturing market demand continued to pick up.

The inventory index of raw materials was 48.5%, 1.2 percentage points higher than that of the previous month, indicating that the decline in inventory of major raw materials in the manufacturing industry narrowed.

The employment index was 49.6%, up 0.2% from the previous month, indicating that the employment situation of manufacturing enterprises has improved.

The supplier delivery time index was 50.7%, up 0.3% from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry continued to accelerate.

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

In September, the non manufacturing business activity index was 55.9%, up 0.7 percentage points from the previous month, and has remained above the critical point since March.

In terms of industry, the business activity index of the construction industry was 60.2%, flat with the previous month. The business activity index of the service industry was 55.2%, up 0.9 percentage points over the previous month. In terms of industry categories, the business activity index of railway transportation, air transportation, accommodation, catering, telecommunications, radio and television satellite transmission services, leasing and business services is 60.0% or above, and only the capital market service business activity index is below the critical point.

The index of new orders was 54.0%, 1.7 percentage points higher than that of the previous month, indicating that the demand of non manufacturing market recovered rapidly. In terms of industries, the index of new orders in the construction industry was 56.9%, up 0.5 percentage points over the previous month; the index of new orders in the service industry was 53.5%, up 2.0 percentage points over the previous month.

The input price index was 50.6%, 1.3 percentage points lower than that of the previous month, indicating that the overall increase in the price of inputs used by non manufacturing enterprises in operating activities has narrowed. In terms of industries, the price index of construction inputs was 51.3%, down 1.3 percentage points from the previous month; the price index of inputs in service industry was 50.5%, 1.2 percentage points lower than the previous month.

The sales price index was 48.9%, 1.2 percentage points lower than that of the previous month, indicating that the sales prices of non manufacturing industries generally fell. The sales price of the construction industry dropped by 51.5% compared with the previous month, which was 1.2% lower than that of the last month.

The employment index was 49.1%, up 0.8% from the previous month, indicating that the employment situation of non manufacturing industry continued to rise. In terms of industries, the construction industry employee index was 54.6%, up 0.4 percentage points over the previous month; the service industry employee index was 48.1%, up 0.9 percentage points from the previous month.

The expected index of business activities was 63.0%, up 0.9% from the previous month, indicating that the confidence of non manufacturing enterprises has increased. In terms of industries, the expected index of business activities in the construction industry was 67.8%, up 1.2 percentage points over the previous month; the expected index of business activities in the service industry was 62.2%, up 0.9 percentage points over the previous month.

　 3. Operation of China's comprehensive PMI output index

In September, the comprehensive PMI output index was 55.1%, up 0.6% from the previous month, indicating that the production and operation activities of Chinese enterprises have been accelerated.