Zhongxin Finance, April 30. On the 30th, the National Bureau of Statistics announced the operation of China's purchasing managers' index in April 2022.

In April, the manufacturing purchasing managers' index, the non-manufacturing business activity index and the composite PMI output index were 47.4%, 41.9% and 42.7% respectively, which were 2.1, 6.5 and 6.1 percentage points lower than the previous month. The production and operation activities of enterprises slowed down. , the prosperity level continued to fall.

Manufacturing PMI continues to decline

  In April, the manufacturing PMI dropped to 47.4%, and the prosperity level of the manufacturing industry continued to decline.

  (1) The decline in both production and demand has increased.

This round of the epidemic has many points, wide areas, and frequent occurrences, and some enterprises have reduced production and stopped production.

The production index and the new order index were 44.4% and 42.6% respectively, down 5.1 and 6.2 percentage points from the previous month. The production of enterprises dropped significantly and the market demand continued to decline.

At the same time, the supplier delivery time index continued to decline this month, and the finished product inventory index rose to a high point in recent years. Many companies reported that logistics and transportation difficulties have increased, and even encountered difficulties in the supply of main raw materials and key components, poor sales of finished products, and inventory shortages. The production and operation of related upstream and downstream enterprises have been greatly affected by the backlog and other situations.

  (2) The price index fluctuated at a high level.

The purchase price index and ex-factory price index of major raw materials were 64.2% and 54.4%, respectively, 1.9 and 2.3 percentage points lower than the previous month, and continued to be at a relatively high level recently.

From the perspective of the industry, the purchase price index and ex-factory price index of major raw materials in upstream industries such as petroleum coal and other fuel processing, ferrous metal smelting and rolling processing, non-ferrous metal smelting and rolling processing, etc. exceeded 70.0% and 60.0% respectively. And product sales prices continued to run at a high level, and the cost pressure in the middle and downstream industries continued to increase.

  (3) The operation of some industries is relatively stable.

Although the prosperity level of the manufacturing industry continues to decline, there are still some industries that are operating generally stable. Among them, agricultural and sideline food processing, food and beverage refined tea, non-metallic mineral products, railway, ship, aerospace equipment and other industries that guarantee basic people's livelihood have high PMIs. At the critical point, and the production and operation activity expectation index is above 55.0%, which is a relatively high prosperity range.

Non-manufacturing business activity index continues to fall

  In April, the non-manufacturing business activity index was 41.9%, 6.5 percentage points lower than the previous month, and the overall non-manufacturing business activity continued to slow down.

  (1) The rate of decline in the service industry's prosperity level has increased.

Severely affected by the epidemic, the business activity index of the service industry was 6.7 percentage points lower than the previous month, down to 40.0%, a significant decline for two consecutive months, and the service industry generally weakened.

From the perspective of the industry, 19 of the 21 industries surveyed are in the contraction range. Among them, the business activity indices of contact-aggregated industries such as air transport, accommodation, catering, ecological protection and public facility management are still in the low contraction range; wholesale, postal service, etc. , finance and other industries fell to the contraction range, and the total business volume changed from rising to falling.

However, the business activity index of telecommunications, radio, television and satellite transmission services, Internet software and information technology services continued to be in the expansion range, and the total business volume maintained growth, which ensured the stable and orderly operation of the economy and society.

  (2) The construction industry keeps expanding.

The business activity index of the construction industry was 52.7%, down 5.4 percentage points from the previous month and still in the expansion range.

Among them, the business activity index of the civil engineering construction industry was 61.0%, which was at a high level for two consecutive months, and the new order index was 52.3%, continuing the expansion trend, indicating that with some major infrastructure constructions moderately ahead, the civil engineering construction industry maintained Faster construction progress will play a certain supporting role in economic and social recovery and development.

Composite PMI output index continues to contract

  In April, the comprehensive PMI output index was 42.7%, 6.1 percentage points lower than the previous month, indicating that the production and operation prosperity of Chinese enterprises has declined.

The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 44.4 percent and 41.9 percent, respectively.

  However, it should also be noted that the fundamentals of my country's long-term economic growth have not changed. Especially recently, relevant departments have further coordinated epidemic prevention and control, logistics smoothness and supply, and stepped up various policies such as helping enterprises and bailouts, which is conducive to stabilizing the confidence of market players. In April, both the manufacturing production and business activity expectations index and the non-manufacturing business activity expectations index remained in the prosperous range.

With the effective control of the epidemic and the emergence of policy effects, corporate expectations are expected to gradually improve.

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