China News Service, February 28. On February 28, 2021, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Manager Index.

In this regard, Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, explained.

　　The interpretation pointed out that in February, China's manufacturing purchasing managers index, non-manufacturing business activity index, and comprehensive PMI output index were 50.6%, 51.4%, and 51.6%, respectively, down 0.7, 1.0, and 1.2 percentage points from the previous month, for 12 consecutive months. The month remains above the line of prosperity and decline, and my country's economy as a whole continues to expand.

1. The expansion of manufacturing purchasing managers' index has slowed

　　In February, the manufacturing PMI was 50.6%, which was higher than the threshold.

This year's Spring Festival holiday falls in mid-February. Holiday factors have a greater impact on the production and operation of enterprises this month. The activity of the manufacturing market has declined, and the prosperity level has fallen from the previous month.

Main features of this month:

　　First, the expansion of production and demand has slowed down.

The production index and the new order index were 51.9% and 51.5% respectively, down 1.6 and 0.8 percentage points from the previous month. The expansion of production and demand in the manufacturing industry has weakened, but it continues to remain in the expansion range.

From the perspective of industry conditions, the manufacturing industry's prosperity has remained basically stable, and the production index and new order index of most industries are above the threshold.

Among them, the production index of the pharmaceutical, general equipment, electrical machinery and equipment industries is higher than the overall manufacturing industry, and the new order index is above 55.0%, indicating that the production and demand of related industries have expanded rapidly at both ends.

　　Second, the prosperity of imports and exports has declined.

This month's new export order index and import index were 48.8% and 49.6%, respectively, 1.4 and 0.2 percentage points lower than last month.

Affected by the slowdown in production and purchasing activities of enterprises during the Spring Festival, the manufacturing foreign trade business decreased from the previous month.

In terms of market expectations, the expected index of production and operation activities of export enterprises is 60.8%, which is in the high level of the business range, indicating that most manufacturing export enterprises are still optimistic about the recent foreign trade situation.

　　Third, the price index continued to run at a high level.

Affected by the continued upward trend in international commodity prices, the purchase price index of major raw materials this month was 66.7%, which was higher than 60.0% for four consecutive months.

From the perspective of the industry, the purchase price index of major raw materials for petroleum processing, coal and other fuel processing, ferrous metal smelting and rolling processing, non-ferrous metal smelting and rolling processing, electrical machinery equipment and other industries all exceeded 70.0%, and the pressure on corporate procurement costs continued to increase .

At the same time, the increase in the purchase price of raw materials helped to increase the factory price. The ex-factory price index this month was 1.3 percentage points higher than the previous month, at 58.5%, which is a recent high level.

　　Fourth, the prosperity level of large enterprises remained stable.

The PMI of large enterprises was 52.2%, a slight increase of 0.1 percentage point from the previous month, indicating that large enterprises maintained steady expansion.

Small and medium-sized enterprises are more obviously affected by the Spring Festival holiday. The PMI this month was 49.6% and 48.3%, 1.8 and 1.1 percentage points lower than the previous month. The production and operation activities of enterprises have slowed down compared with the previous month.

　　Fifthly, business operations are expected to improve.

This month's enterprise production and operation activity expectation index rose to 59.2%, 1.3 percentage points higher than last month.

From the perspective of industry conditions, the production and operation expectation indexes of industries such as general equipment, special equipment, automobiles, computer communication electronic equipment, and instrumentation are all in the high boom range.

Some surveyed companies report that March will enter the peak season for production and sales, and market demand is expected to pick up, and companies have increased confidence in the development of the industry after the holiday.

　　The survey results also show that the proportion of companies that reported high labor costs and insufficient labor supply this month was 36.2% and 18.3%, both of which were recent highs, indicating that some manufacturing companies currently have labor gaps and pressure on labor costs has increased.

2. The non-manufacturing business activity index fell

　　In February, the non-manufacturing business activity index was 51.4%, 1.0 percentage point lower than last month, and the pace of non-manufacturing expansion slowed down.

　　The expansion of the service industry has weakened.

The service industry business activity index was 50.8%, 0.3 percentage points lower than last month, and still higher than the threshold, indicating that the service industry continues to expand, but the rate has narrowed.

From the perspective of the industry, the business activity indexes of retail, catering, entertainment and other industries closely related to household consumption are all in the expansion range and higher than last month. The industry’s business activities are relatively active; telecommunications, broadcasting, television, satellite transmission services, currency and financial services and other industries The activity index was higher than 58.0%, and business volume maintained rapid growth.

At the same time, the business activity index of industries such as accommodation, capital market services, leasing and business services is below the critical point.

In terms of market expectations, the service industry business activity expectation index was 63.2%, 7.9 percentage points higher than last month. Enterprises are more optimistic about the service industry market development prospects in the near future.

　　The prosperity of the construction industry has declined.

The business activity index of the construction industry was 54.7%, 5.3 percentage points lower than last month, indicating that the construction progress of the construction industry has slowed down due to the Spring Festival holiday and weather factors.

In terms of market demand and expectations, the new order index and business activity expectations index were 53.4% ​​and 68.2%, respectively, 2.2 and 14.6% higher than last month, indicating that the construction industry market demand has increased recently and the industry's development expectations are improving.

3. The comprehensive PMI output index keeps expanding

　　In February, the composite PMI output index was 51.6%, 1.2 percentage points lower than the previous month, indicating that the overall expansion of the production and operation activities of Chinese enterprises has slowed this month.

The manufacturing production index and non-manufacturing business activity index that make up the comprehensive PMI output index are 51.9% and 51.4%, respectively.