On January 1, 2016, the National Bureau of Statistics Service Survey Center and the China Federation of Logistics and Purchasing released the China Manufacturing and Non-manufacturing Purchasing Managers Index. In this regard, Zhao Qinghe, a senior statistician of the Service Survey Center of the National Bureau of Statistics, explained.

I. The manufacturing purchasing manager index rose slightly

In December, the manufacturing PMI was 49.7%, which was 0.1 percentage points higher than the previous month. It recently fluctuate within a narrow range below the critical point. The main operating characteristics: First, both the supply side and demand side warm up. The production index was 52.2%, up 0.3% from the previous month. The new orders index was 50.2%, up 0.4 percentage points from the previous month and returning above the critical point. The new export order index was 47.5%, although it continued to be below the critical point, but it rose by 1.1 percentage points month-on-month. The second is the sustained release of consumer demand, and the steady growth of consumer goods manufacturing. The PMI for consumer goods manufacturing industry was 54.4%, which was 1.0 percentage points higher than the previous month. Industries such as automobile manufacturing, agricultural and non-staple food processing, and food and beverages and refined tea continued to expand rapidly, and PMIs were all in a higher-than-average range of 55.0%. In 2015, the average value of PMI for consumer goods manufacturing industry was 52.9%. It has been in the expansion range and is 3.0 percentage points higher than the overall manufacturing industry. Third, the upgrading of the industrial structure continues to advance. The PMI for high-tech manufacturing is 53.0%, and the annual average is 2.9 percentage points higher than the overall manufacturing industry. Computer and electronic communication equipment manufacturing, pharmaceutical manufacturing and other industries continued to expand, PMIs were in the boom zone of 52.0% or more. Fourth, with the recovery of production, the company’s willingness to purchase has increased. The purchasing volume index was 50.3%, which rose above the critical point and reached a new high since August 2015.

Although the PMI rose slightly this month, it was still below the critical point and was below the historical level. The recent drop in crude oil prices to the lowest point in many years, the index of industrial producer prices and the purchase price index of raw materials continued to decline. At the end of the year, the financial strain was even more pronounced. The production and operations of relevant industries and enterprises were affected to a certain extent, and downward pressure on the manufacturing industry remained heavy.

In terms of scale of the company, the PMI of large-sized companies is 50.9%, which is 0.3 percentage points lower than last month, but continues to expand; the medium-sized companies' PMI is 49.6%, which is 1.3 percentage points higher than last month, and is still below the critical point; the small-scale enterprise PMI It was 44.9%, a slight increase of 0.1% from the previous month. It was within the contraction range for the whole year. Overall, the production and operation difficulties are still relatively large.

Second, non-manufacturing business activity index continues to rise

In December 2015, China’s non-manufacturing business activity index was 54.4%, up 0.8 percentage points from the previous month, rising for two consecutive months, the highest point since 2015, and the momentum for expansion was relatively strong.

In terms of different industries, the overall trend of the service industry has steadily progressed. The business activity index was 53.7%, up 0.9% from the previous month and 1.0 percentage point higher than the annual average. It recovered for two consecutive months. Affected by festivals and year-end promotions, the service industries related to resident consumption were more active this month. The business activities index of telecommunication Internet software, retail, postal delivery, warehousing and distribution industries were all located in a higher boom zone, and business volume was realized. Faster growth. Banking, securities, insurance and other business activities in the financial industry index for more than two consecutive months in the high range of 60%, showing a strong trend of expansion. At the same time, the new orders index was 51.2%, up 0.9% from the previous month, and the demand for the service industry continued to rise. In addition, the business activity index of transportation, accommodation, catering, tourism and other industries continues to be below the critical point, but with the approaching of New Year's Day, Spring Festival and other festivals, business conditions of the company are expected to improve.

Construction industry production and market demand is good. The business activity index was 58.3%, up 0.2% from the previous month, and production continued to grow at a relatively fast rate. The new order index was 55.0%, up 5.5 percentage points from the previous month, rising above the critical point, and the market demand picked up.

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