<b>Statistics Bureau: The vitality of the manufacturing market has further strengthened, and the restorative growth has accelerated significantly</b>

On November 30, 2020, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index . In this regard, Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, made an interpretation.

With remarkable results in the overall planning of epidemic prevention and control and economic and social development, my country's economy continues to recover steadily. In November, China's manufacturing purchasing managers index, non-manufacturing business activity index and comprehensive PMI output index were 52.1%, 56.4% and 55.7% respectively, 0.7, 0.2 and 0.4 percentage points higher than the previous month, and the three major indexes were all in the The high point of the year has been higher than the critical point for 9 consecutive months.

1. Manufacturing Purchasing Manager Index has risen significantly

In November, the manufacturing PMI was 52.1%, and various sub-indices generally improved, the vitality of the manufacturing market was further enhanced, and the recovery Sexual growth was significantly accelerated. Among the 21 industries surveyed, the number of PMIs in the expansion range increased to 19, and the prosperity of the manufacturing industry has expanded. Key Features of the Month:

First, the two ends of the production and demand should coordinate efforts. The production index and new order index were 54.7% and 53.9%, which were 0.8 and 1.1 percentage points higher than the previous month respectively, and both rose to the high point of the year, and the difference between the two has narrowed month by month since June, from 2.5 percentage points to 0.8 percentage points, indicating that the endogenous driving force of the manufacturing industry has been continuously strengthened, and the supply and demand cycle has continued to improve. From the perspective of industry conditions, the production index and new order index of industries related to high-tech manufacturing, such as medicine, electrical machinery equipment, computer communication electronic equipment, and instrumentation, are all higher than 56.0%, which is in a relatively high boom range, and the release of production and demand is accelerating. The overall leading role of the manufacturing industry has been further enhanced.

Second, the prosperity of import and export has picked up steadily. This month's new export order index and import index were 51.5% and 50.9%, which were 0.5 and 0.1 percentage points higher than last month respectively, both of which were high points during the year, and were in the expansion range for three consecutive months, maintaining a monthly recovery trend. Exports continued to recover.

Third, the price index has increased significantly. With the recent general rise in commodity prices and the acceleration of production and procurement activities of enterprises, the purchase prices of raw materials and product sales prices of manufacturing industries have increased significantly this month. The purchase price index and ex-factory price index of major raw materials were 62.6% and 56.5%, respectively 3.8 and 3.3 percentage points higher than the previous month, both of which were highs in the year. From the industry situation, driven by the demand of downstream industries, the price increase of upstream products is more obvious. This month, the two price indexes of petroleum processing, coal and other fuel processing, chemical raw materials and chemical products, ferrous metal smelting and rolling processing, and non-ferrous metal smelting and rolling processing are all in the high-level boom range above 60.0%.

Fourth, the prosperity of large, medium and small enterprises has picked up. The PMIs of large, medium and small enterprises were 53.0%, 52.0% and 50.1% respectively, 0.4, 1.4 and 0.7 percentage points higher than that of the previous month, all above the critical point, and the prosperity of enterprises of different sizes all rebounded. The survey results show that the production and operation conditions of small enterprises have improved this month, and the proportion of small enterprises reflecting financial constraints is 42.3%, which is 2.6 percentage points lower than that of last month, which is the lowest point since this year, indicating that the relief measures issued earlier to help enterprises And the effects of policy measures such as financial support for small and micro enterprises have emerged.

The survey results also show that the recovery of the manufacturing industry is still uneven, and the PMI of the textile and apparel industry has been at a critical point this year Below, the industry's prosperity continues to be weak. In addition, 18.8% of the export enterprises reported that they were affected by fluctuations in the RMB exchange rate, 1.7 percentage points higher than last month; some enterprises said that with the recent continuous appreciation of the RMB, corporate profits were under pressure and export orders decreased.

2. Non-manufacturing business activity index rose slightly

In November, the non-manufacturing business activity index was 56.4%, 0.2 percentage points higher than that of the previous month, and it was at the In the relatively high economic range above 55.0%, the non-manufacturing industry continues to recover steadily and positively.

The recovery trend of the service industry continues to improve. The business activity index of the service industry was 55.7%, 0.2 percentage points higher than that of the previous month, and it has been in a relatively high economic range since September. Overall, under the organic combination of normalized and precise prevention and control and local emergency response, the consumer market has gradually recovered in an orderly manner, and the recovery of the service industry has been steady. In terms of industry conditions, the business activity index of railway transportation, air transportation, telecommunications, radio and television satellite transmission services, finance and other industries is in the high-level boom range above 60.0%, and the total business volume has increased significantly; at the same time, the real estate, ecological protection and environmental governance industries business The activity index fell below the critical point, and the prosperity degree dropped. From the price point of view,The sales price index was 50.9%, 2.0 percentage points higher than the previous month, rising above the critical point for the first time since the epidemic, indicating that market demand in the service industry continues to pick up. From the perspective of market expectations, the business activity expectation index was 61.1%, higher than 61.0% for five consecutive months, indicating that most service companies are optimistic about the development of the industry recently.

The prosperity of the construction industry has rebounded from a high level. The construction industry business activity index was 60.5 percent, 0.7 percentage points higher than that of the previous month, returning to a high level of prosperity, and the production activities of the construction industry generally accelerated. From the perspective of labor demand, the employment index was 54.4%, 1.2 percentage points higher than that of the previous month, reflecting that construction enterprises have increased labor demand in order to meet production needs and ensure construction progress.

3. ComprehensivePMI Output index for four consecutive years month pick-up

In November, the comprehensive PMI output index was 55.7%, 0.4 percentage points higher than the previous month, showing that the production and operation activities of Chinese enterprises Continue to accelerate, and the stable and positive recovery trend has been further consolidated. The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 54.7% and 56.4% respectively.