Manufacturing And Non Manufacturing PMI Continued To Expand In April.

In April 30th, the National Bureau of Statistics Service Center and the China Federation of logistics and purchasing released the China Purchasing Managers Index.

In April, the PMI of manufacturing industry was 50.1%, and it was at a critical point for two consecutive months. The index of non manufacturing business activity was 54.3%, and 4 months in 4 consecutive months.

Experts said that although the manufacturing PMI has dropped, it is still in the expansion area, and the non manufacturing PMI continues to be in a higher expansion range of more than 54%.

At present, we should promptly implement the established policies and measures, adhere to the macro policy counter cyclical adjustment, expand domestic demand, and constantly consolidate the trend of economic stabilization.

In April, the PMI of manufacturing industry was 50.1%, down 0.4 percentage points from last month, but it was at the critical point for two consecutive months, and the highest level since November 2018.

Judging from the 13 sub indices, the new export orders index, import index and ex factory price index increased from 0.6 to 2.1 percentage points compared with the previous month. Production index, new order index, backlog order index, finished product inventory index, purchase quantity index, purchase price index, raw material inventory index, employee index, supplier delivery time index, and production and operation activity expectation index all decreased, and the index dropped 0.1 to 2.4 percentage points.

"Judging from the sub index, the growth of market supply and demand has dropped slightly, but it is still at a relatively good level, and external demand tends to improve, enterprise procurement continues to expand, and the market price structure is optimized."

China logistics information center expert Wen Tao said.

Zhao Qinghe, a senior statistician of the National Bureau of Statistics Service Industry Research Center, said that in April, manufacturing and production demand steadily expanded, and the production index and new order index were 52.1% and 51.4% respectively, though 0.6 and 0.2 percentage points lower than last month. They are still higher than the first quarter average of 1.1 and 0.8 percentage points. They are all at a relatively high level in the past 7 months.

From the price index, in April, the purchasing price index of major raw materials in manufacturing was 53.1%, a slight decrease of 0.4 percentage points from last month, and the factory price index rose to 52%, up 0.6 percentage points from last month, a 6 month high.

The two price index narrowed for two consecutive months, indicating that the profit margins of enterprises in related industries have improved.

In April, the non manufacturing business activity index was 54.3%, down 0.5 percentage points from last month, but it still stands at a higher expansion range of more than 54%, indicating that the non manufacturing industry has maintained a steady growth trend.

In the single index of the non manufacturing PMI, the price index of the input price increased, the increase was 0.5 percentage points; the distribution index of the employees and suppliers was flat; the new order, the new export order, the hand in order, the inventory, the selling price and the business activity expectation index decreased, the decrease was between 0.5 and 1.7 percentage points.

Zhao Qinghe analysis said that in April, the service business activity index was 53.3%, although it dropped 0.3 percentage points from last month, it still maintained a relatively fast growth and maintained a steady expansion in general.

Cai Jin, vice president of China logistics and purchasing Federation, said that in April, the business activity index dropped 0.5 percentage points, but it remained above 54% for 4 consecutive months, indicating that the continued growth momentum of non manufacturing industry is still strong.

In April, the supply and demand growth rate of manufacturing industry dropped slightly, but the economy kept expanding, and external demand and market prices had positive changes.

From the perspective of comprehensive PMI, in April, the composite PMI output index was 53.4%, down 0.6 percentage points from last month. The production and operation activities of Chinese enterprises have been expanding, but the pace has slowed down.

Wen Tao said that the current economic stability and good foundation still needs to be consolidated. There are two points to be concerned about: first, the employment index is weak, which is below 48% for 4 consecutive months; two, the PMI of the equipment manufacturing industry has dropped slightly, while the growth and operation of large and medium-sized enterprises has slowed down and the index has fallen back.

Zhang Liqun, a researcher at the State Council Development Research Center, said that at present, we should promptly implement the established policies and measures to expand domestic demand and consolidate the trend of economic stabilization.