Operation status of China Purchasing Managers Index in March 2024

　　1. Operation status of China’s manufacturing purchasing managers’ index

　　In March, the manufacturing purchasing managers' index (PMI) was 50.8%, an increase of 1.7 percentage points from the previous month, which was higher than the critical point, and the manufacturing boom rebounded.

　　In terms of enterprise size, the PMI of large, medium and small enterprises was 51.1%, 50.6% and 50.3% respectively, an increase of 0.7, 1.5 and 3.9 percentage points from the previous month, all above the critical point.

　　From the perspective of sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index, new order index and supplier delivery time index are higher than the critical point, while the raw material inventory index and employee index are lower than the critical point.

　　The production index was 52.2%, an increase of 2.4 percentage points from the previous month, indicating that the production activities of manufacturing enterprises have accelerated.

　　The new orders index was 53.0%, an increase of 4.0 percentage points from the previous month, indicating that the manufacturing market demand boom level has recovered.

　　The raw material inventory index was 48.1%, an increase of 0.7 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry narrowed.

　　The employment index was 48.1%, an increase of 0.6 percentage points from the previous month, indicating that the employment climate of manufacturing companies has improved.

　　The supplier delivery time index was 50.6%, an increase of 1.8 percentage points from the previous month, indicating that the delivery time of manufacturing raw material suppliers has accelerated.

　　2. Operation status of China’s non-manufacturing purchasing managers’ index

　　In March, the non-manufacturing business activity index was 53.0%, an increase of 1.6 percentage points from the previous month and higher than the critical point, indicating that the non-manufacturing business boom level continued to rebound.

　　In terms of industries, the business activity index of the construction industry was 56.2%, an increase of 2.7 percentage points from the previous month; the business activity index of the service industry was 52.4%, an increase of 1.4 percentage points from the previous month. From an industry perspective, the business activity index of postal services, telecommunications, radio, television and satellite transmission services, monetary and financial services, capital market services and other industries are all in the high and prosperous range above 60.0%; the business activity index of air transportation, catering, real estate and other industries is below the critical point .

　　The new orders index was 47.4%, an increase of 0.6 percentage points from the previous month, indicating that the demand boom in the non-manufacturing market has improved. In terms of industries, the new orders index of the construction industry was 48.2%, an increase of 0.9 percentage points from the previous month; the new orders index of the service industry was 47.2%, an increase of 0.5 percentage points from the previous month.

　　The input price index was 49.5%, down 1.1 percentage points from the previous month, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities has declined. In terms of industries, the input price index of the construction industry was 48.2%, a decrease of 3.8 percentage points from the previous month; the input price index of the service industry was 49.7%, a decrease of 0.7 percentage points from the previous month.

　　The sales price index was 48.6%, an increase of 0.1 percentage points from the previous month, indicating that the decline in the overall level of non-manufacturing sales prices narrowed slightly. In terms of industries, the sales price index of the construction industry was 48.4%, a decrease of 0.5 percentage points from the previous month; the sales price index of the service industry was 48.7%, an increase of 0.3 percentage points from the previous month.

　　The employment index was 46.6%, down 0.4 percentage points from the previous month, indicating that the employment prosperity of non-manufacturing enterprises has declined. In terms of industries, the employee index in the construction industry was 45.7%, a decrease of 1.9 percentage points from the previous month; the employee index in the service industry was 46.8%, a decrease of 0.1 percentage point from the previous month.

　　The business activity expectation index was 58.4%, an increase of 0.7 percentage points from the previous month, and continues to be in a relatively high prosperity range, indicating that non-manufacturing companies remain optimistic about recent market development. Looking at different industries, the construction industry business activity expectation index was 59.2%, an increase of 3.5 percentage points from the previous month; the service industry business activity expectation index was 58.2%, an increase of 0.1 percentage points from the previous month.

　　3. Operation status of China’s comprehensive PMI output index

　　In March, the comprehensive PMI output index was 52.7%, an increase of 1.8 percentage points from the previous month and higher than the critical point, indicating that the expansion of production and operation activities of Chinese enterprises is accelerating.