China'S Purchasing Manager Index In January 2021 Is 51.3%

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

In January, the purchasing manager index (PMI) of China's manufacturing industry was 51.3%, 0.6% lower than that of the previous month, which was above the critical point for 11 consecutive months, indicating that the manufacturing industry continued to expand, but the pace slowed down.

From the perspective of enterprise scale, the PMI of large and medium-sized enterprises were 52.1% and 51.4%, respectively, down 0.6% and 1.3% compared with the previous month, but both were higher than the critical point; the PMI of small enterprises was 49.4%, up 0.6% from the previous month, still lower than the critical point.

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

The production index was 53.5%, down 0.7% from the previous month, higher than the critical point, indicating that the expansion of manufacturing production was weaker than that of last month.

The index of new orders was 52.3%, 1.3 percentage points lower than the previous month, which continued to be higher than the critical point, indicating that the growth of market demand in the manufacturing industry has slowed down.

The inventory index of raw materials was 49.0%, up 0.4 percentage points from the previous month, which was lower than the critical point, indicating that the decline rate of inventory of main raw materials in the manufacturing industry was narrowed.

The employment index was 48.4%, down 1.2 percentage points from the previous month, indicating that the employment situation of manufacturing enterprises has declined.

The supplier delivery time index was 48.8%, 1.1% lower than that of the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry slowed down compared with the previous month.

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

In January, the non manufacturing business activity index was 52.4%, down 3.3 percentage points from the previous month, which was above the critical point for 11 consecutive months, indicating that the non manufacturing industry maintained the recovery trend, but the momentum slowed down.

In terms of industry, the business activity index of the construction industry was 60.0%, lower than 0.7% of the previous month. The business activity index of the service industry was 51.1%, lower than 3.7 percentage points of the previous month. From the industry situation, the business activity index of telecommunication, radio and television satellite transmission service, monetary and financial service, capital market service, insurance and other industries is in the high prosperity range of 60.0%; the business activity index of air transportation, road transportation, accommodation, catering, resident service, culture, sports and entertainment industry is below the critical point.

The index of new orders was 48.7%, down 3.2 percentage points from the previous month, indicating a weakening demand in the non manufacturing market. In terms of industries, the index of new orders in the construction industry was 51.2%, down 4.6 percentage points from the previous month; the index of new orders in the service industry was 48.3%, down 2.9 percentage points from the previous month.

The price index of inputs was 54.5%, up 0.2 percentage points over the previous month, indicating that the prices of inputs used by non manufacturing enterprises for business activities continued to rise. In terms of industries, the price index of construction inputs was 60.0%, down 1.2 percentage points from the previous month; the price index of inputs in service industry was 53.5%, up 0.4 percentage points over the previous month.

The sales price index was 51.4%, which was 0.9 percentage points lower than the previous month, but still higher than the critical point, indicating that the overall increase of sales prices in non manufacturing industries has narrowed. By industry, the sales price index of the construction industry was 52.9%, down 1.1 percentage points from the previous month; the sales price index of the service industry was 51.1%, down 0.9 percentage points from the previous month.

The employment index was 47.8%, down 0.9 percentage points from the previous month, indicating that the employment situation of non manufacturing industry has declined. In terms of industries, the construction industry employee index was 52.8%, up 0.1 percentage point over the previous month; the service industry employee index was 46.9%, down 1.1 percentage point from the previous month.

The expected index of business activities was 55.1%, down 5.5 percentage points from the previous month, still in a relatively high boom range, indicating that most non manufacturing enterprises maintain confidence in the development of the industry. In terms of industries, the expected index of business activities in the construction industry was 53.6%, down 9.9 percentage points from the previous month; the expected index of business activities in the service industry was 55.3%, down 4.8 percentage points from the previous month.

3. Operation of China's comprehensive PMI output index

In January, the comprehensive PMI output index was 52.8%, 2.3 percentage points lower than that of the previous month, indicating that the production and operation activities of China's enterprises have been expanding in general, but the expansion has been weakened.