Zhongxin Finance, March 1. On March 1, 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.

Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, said that in February, the manufacturing purchasing managers' index, non-manufacturing business activity index and composite PMI output index were 50.2%, 51.6% and 51.2%, respectively, continuing to be in the expansion range. It shows that my country's economy as a whole continues to maintain the momentum of recovery and development, and the prosperity level is stable and rising.

　　In February, the manufacturing purchasing managers' index, the non-manufacturing business activity index and the composite PMI output index were 50.2%, 51.6% and 51.2% respectively, continuing to stay in the expansion range, 0.1, 0.5 and 0.2 percentage points higher than the previous month, indicating that my country's economy as a whole continued to maintain the momentum of recovery and development, and the prosperity level was stable and rising.

1. The Manufacturing Purchasing Managers Index is running steadily

　　In February, the situation of enterprises resuming work and production after the holiday was good, the manufacturing PMI continued to run smoothly in the expansion range, the demand improved, the expectation was positive, and the prosperity level rebounded slightly.

Its main features:

　　First, both supply and demand have expanded.

Affected by the Spring Festival holiday, the expansion of manufacturing production and business activities slowed down. The production index was 50.4%, down 0.5 percentage points from the previous month; the new orders index was 50.7%, up 1.4 percentage points from the previous month, returning to the expansion range, indicating that After the holiday, the release of market demand in the manufacturing industry has accelerated.

From the perspective of the industry, the production index and new order index of medicine, special equipment, automobile and other industries are both higher than 54.0%, indicating that the industry is developing rapidly; but the production index and new order index of non-metallic mineral products, ferrous metal smelting and rolling processing and other industries Both are lower than 46.0%, and the industry supply and demand are weak.

　　Second, the price index rose significantly.

The purchasing price index and ex-factory price index of major raw materials were 60.0% and 54.1%, respectively, 3.6 and 3.2 percentage points higher than the previous month.

From the perspective of the industry, the two price indices of petroleum, coal and other fuel processing, non-ferrous metal smelting and rolling processing continued to be in the high range of over 60.0%, the procurement costs of raw materials in related industries continued to increase, and the sales prices of products rose rapidly at the same time.

　　Third, the adjustment of the industrial structure has been steadily advanced.

The PMIs of high-tech manufacturing and equipment manufacturing were 53.1% and 51.4%, respectively, 1.2 and 1.1 percentage points higher than the previous month. They have been in the expansion range since March 2020, and new kinetic energy continued to exert force.

The PMI of the consumer goods industry was 51.8%, 1.6 percentage points higher than the previous month, and the driving effect of holiday consumption was obvious.

The PMI of high-energy-consuming industries was 48.3%, 1.4 percentage points lower than the previous month, and the prosperity level of high-energy-consuming industries was operating at a low level.

　　Fourth, enterprises are expected to continue to pick up.

After the Spring Festival, the production activities of the manufacturing industry have gradually returned to normal. Recently, relevant departments have introduced a series of policies and measures to promote the steady growth of the industrial economy. The market expectations of enterprises have been further improved. to recent highs.

From the perspective of the industry, the production and operation activity expectations index of the 21 industries surveyed are all in the boom range, among which the non-ferrous metal smelting and rolling processing, automobile, electrical machinery and equipment and other industries have been in the high boom range of over 60.0% for two consecutive months. Enterprises in related industries Strong confidence in the recent market development.

　　Fifth, the prosperity level of large and medium-sized enterprises has increased.

The PMIs of large and medium-sized enterprises were 51.8% and 51.4% respectively, 0.2 and 0.9 percentage points higher than the previous month, and the prosperity level both increased.

The PMI of small enterprises was 45.1%, which was 0.9 percentage points lower than the previous month. The economic level fell from a low level. The resumption of work and production of small enterprises after the holiday was relatively lagging behind, and the pressure on production and operation was still relatively large.

　　Although the prosperity level of the manufacturing industry has rebounded, there are still many outstanding problems in the production and operation of enterprises. The proportion of enterprises that reflect high raw material costs, high labor costs, and financial constraints are 60.2%, 36.3% and 32.0% respectively, which are all higher than the previous month. At present, it is still necessary to promote the implementation of policies to help enterprises and provide strong support for the stable growth of the manufacturing industry.

2. The non-manufacturing business activity index has rebounded

　　In February, the non-manufacturing business activity index was 51.6 percent, up 0.5 percentage points from the previous month, indicating that the overall recovery of the non-manufacturing industry has accelerated.

　　The prosperity of the service industry has rebounded.

The service industry business activity index was 50.5%, a slight increase of 0.2 percentage points from the previous month. The service industry continued to recover, but compared with the Spring Festival months in previous years, the level of prosperity was low.

From the perspective of the industry, driven by the consumption during the Spring Festival holiday, the business activity indexes of railway transportation, air transportation, postal express, culture, sports and entertainment all rose to a relatively high boom range of over 57.0%, and the total business volume of related companies increased month-on-month; Industries such as retail, ecological protection and environmental governance, and residential services were relatively affected by the epidemic. The business activity index was at a low range below 45.0%, and the market activity was relatively weak.

In terms of market expectations, the service industry business activity expectation index was 59.6%, an increase of 2.9 percentage points from the previous month, indicating that due to the gradual recovery of the market after the holiday and the various bail-out policies to support the recovery and development of the service industry in difficult industries, most services Industry companies are more optimistic about the recent market development.

　　The construction industry is expected to be positive.

The business activity index of the construction industry was 57.6%, an increase of 2.2 percentage points from the previous month, of which the business activity index of the civil engineering and construction industry was 58.6%, 8.9 percentage points higher than the previous month, and the prosperity level of the construction industry improved significantly.

In terms of market demand and expectations, the new orders index and business activity expectation index were 55.1% and 66.0%, respectively, both higher than the previous month. Among them, the business activity expectation index has been running at a high level for two consecutive months, indicating that the recent steady investment has accelerated. Driven by factors such as some major infrastructure projects and projects being carried out moderately ahead of schedule, construction companies have positive expectations for the development of the industry.

3. The composite PMI output index rose slightly

　　In February, the comprehensive PMI output index was 51.2%, 0.2 percentage points higher than the previous month, indicating that the expansion of production and operation activities of Chinese enterprises has accelerated.

The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 50.4 percent and 51.6 percent, respectively.

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