Zhongxin Finance, May 31. The National Bureau of Statistics released the operation of China's purchasing managers' index in May 2022 on May 31, and released relevant interpretations at the same time.
Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, believes that in May, the manufacturing purchasing manager index, non-manufacturing business activity index and comprehensive PMI output index rebounded simultaneously, reaching 49.6%, 47.8% and 48.4% respectively. At the critical point, but significantly higher than the previous month's 2.2, 5.9 and 5.7 percentage points.
It shows that factors such as the recent epidemic situation and changes in the international situation have had a great impact on economic operation. However, with the effective coordination of epidemic prevention and control and economic and social development, my country's economic prosperity has improved compared with April.
1. Manufacturing Purchasing Managers Index has rebounded
In May, the resumption of work and production in areas affected by the epidemic gradually advanced, and the manufacturing PMI rebounded to 49.6% from the low base level in April.
Among the 21 industries surveyed, the number of industries with PMIs in the expansion range increased from 9 in the previous month to 12, showing positive changes in the manufacturing sector.
(1) Both production and demand have recovered.
The production index and new orders index were 49.7% and 48.2% respectively, up 5.3 and 5.6 percentage points from the previous month, indicating that both manufacturing production and demand have recovered to varying degrees, but the recovery momentum still needs to be strengthened.
From the perspective of the industry, the production index of chemical fiber and rubber and plastic products, special equipment, automobiles and other industries was higher than that of the previous month by more than 10.0 percentage points, rising to the expansion range, and the production activities of enterprises accelerated; And other fuel processing, chemical raw materials and chemical products, ferrous metal smelting and rolling processing and other industries, the new order index returned to the expansion range, and the market demand has rebounded.
(2) The price index continued to fall.
The purchasing price index of major raw materials was 55.8 percent, 8.4 percentage points lower than the previous month, and continued to be higher than 55.0 percent. The increase in purchasing prices of manufacturing raw materials narrowed, but was still at a relatively high level.
Among them, the purchase price index of main raw materials in the industries of papermaking, printing, culture, education, sports, beauty and entertainment, petroleum coal and other fuel processing, chemical raw materials and chemical products, chemical fibers and rubber and plastic products, and pharmaceuticals continued to be at a high level of over 60.0%. Cost pressure remains high.
The ex-factory price index was 49.5%, 4.9 percentage points lower than the previous month, and fell to the contraction range for the first time this year, indicating that the overall level of sales prices of manufacturing products has dropped.
Among them, ferrous metal smelting and rolling processing, non-ferrous metal smelting and rolling processing, metal products and other industries are lower than 45.0%.
(3) The PMI of enterprises of all scales rose simultaneously.
The PMI of large enterprises was 51.0%, 2.9 percentage points higher than the previous month, returning to the expansion range. The production index and new order index were 52.5% and 50.7%, respectively, 2.8 and 2.5 percentage points higher than the overall manufacturing industry. Better than the manufacturing industry as a whole.
The PMIs of small and medium-sized enterprises were 49.4% and 46.7%, respectively, 1.9 and 1.1 percentage points higher than the previous month. Although the prosperity level has improved, it is still below the critical point.
The survey results show that a series of policies recently introduced to open up logistics and industrial upstream and downstream connection blocking points have shown some results. In May, the proportion of enterprises that reported poor logistics transportation decreased by 8.0 percentage points from the previous month, but it is still necessary to continue to do a good job in logistics protection. Ensure smooth work and ensure the stability of the industrial chain and supply chain.
2. The non-manufacturing business activity index rebounded significantly
In May, the non-manufacturing business activity index was 47.8%, 5.9 percentage points higher than the previous month, and the non-manufacturing business activity level improved significantly.
(1) The prosperity of the service industry has rebounded.
In May, the overall epidemic situation in the country showed a steady decline. The business activity index of the service industry was 47.1%, 7.1 percentage points higher than the previous month. The prosperity of the service industry recovered quickly, but it was still lower than the same period in previous years.
In terms of industry conditions, 17 of the 21 industries surveyed have business activity indices higher than the previous month, of which retail, railway transportation, air transportation, postal services, telecommunications, radio, television and satellite transmission services, and monetary and financial services are in the expansion range. The total business volume increased month-on-month; the business activity index of industries such as accommodation, leasing and business services continued to be at a low level below 40.0%, and the market activity continued to be low.
From the perspective of market expectations, the business activity expectation index was 55.2%, 2.2 percentage points higher than the previous month, and rose to a relatively high economic range, indicating that with the gradual and effective control of the epidemic, various policies and measures such as stabilizing growth, stabilizing market entities, and ensuring employment have continued. With detailed implementation, the confidence of service industry enterprises has been enhanced.
(2) The construction industry continued to expand.
The business activity index of the construction industry was 52.2 percent, 0.5 percentage points lower than the previous month, still maintaining an expansion trend.
Among them, the civil engineering and construction business activity index and new order index were 62.7% and 59.1%, 1.7 and 6.8 percentage points higher than the previous month, both continued to rise from the high base level of the previous month, indicating that the recent infrastructure construction continued advance to provide strong support for stable growth.
3. The composite PMI output index recovered and rebounded
In May, the comprehensive PMI output index was 48.4%, 5.7 percentage points higher than the previous month, indicating that the production and operation prosperity level of Chinese enterprises has recovered.
The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 49.7 percent and 47.8 percent, respectively.
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