In March 2020, China'S Manufacturing Purchasing Managers Index (PMI) Was 52%.

In March, the situation of epidemic prevention and control in China continued to improve, and the production and living order was steadily restored. China's purchasing managers' index fell sharply last month, with the manufacturing industry PMI rising 52%, up 16.3 percentage points from last month. The non manufacturing business activity index was 52.3%, up 22.7 percentage points from last month; the composite PMI output index was 53%, up 24.1 percentage points from last month. In March, the purchasing managers' index rose to a critical point above the rebound after the sharp decline in February. More reflecting that more than half of the survey enterprises have resumed their work and resumed production, which has improved since last month, and can not mean that China's economic operation has returned to normal level. As of March 25th, the rate of resumption of large and medium-sized enterprises was 96.6% in the national purchasing managers survey enterprises, up 17.7 percentage points from the February survey results.

　　 1. Operation of purchasing managers index of China's manufacturing industry

In March, China's Manufacturing Purchasing Managers Index (PMI) was 52%, up 16.3 percentage points from last month.

From the scale of enterprises, the PMI of large, medium and small enterprises is 52.6%, 51.5% and 50.9%, respectively, up 16.3, 16 and 16.8 percentage points from last month.

According to the classification index, the production index, the new order index and the employee index all rise to the critical point in the 5 sub indices of manufacturing PMI. Raw material inventory index and supplier delivery time index are below the critical point.

The production index is 54.1%, up 26.3 percentage points from last month, which indicates that manufacturing output is increasing.

The new order index was 52%, up 22.7 percentage points from last month, indicating that the demand for manufacturing industry has been warmer.

The stock index of raw materials was 49%, up 15.1 percentage points from last month, indicating that the main raw material inventory in manufacturing industry has narrowed down.

The index of employees was 50.9%, up 19.1 percentage points from last month, indicating that the number of remanufacturing enterprises increased.

The supplier delivery time index was 48.2%, up 16.1 percentage points from last month, indicating that the supply of raw material suppliers of manufacturing industry is still slow.

　　 Two. Operation of China's non Manufacturing Purchasing Managers Index

In March, the index of non manufacturing business activity was 52.3%, up 22.7 percentage points from last month.

According to the industry, the business activity index of the service sector was 51.8%, up 21.7 percentage points from last month. In terms of industry category, except for capital market services, business activities index of other industries has picked up in varying degrees. The construction business activity index was 55.1%, up 28.5 percentage points from last month.

The new orders index was 49.2%, up 22.7 percentage points from last month, indicating a decline in demand for non manufacturing industries. According to the industry, the new order index of the service sector was 49.3%, up 22.3 percentage points from the previous month, and the construction industry new orders index was 48.4%, up 24.6 percentage points from last month.

The price index of the input goods was 49.4%, although it rose slightly by 0.1 percentage points from last month, but it is still below the critical point, which indicates that the overall price level of the non manufacturing enterprises for the business activities has declined. According to the industry, the price index of the service industry input is 48.9%, up 0.5 percentage points from last month, and the construction industry input price index is 52.5%, down 1.5 percentage points from last month.

The sales price index was 46.1%, up 2.2 percentage points from last month, indicating that the overall level of non manufacturing sales prices had narrowed. According to the industry, the sales price index of the service sector was 44.9%, up 2.2 percentage points from the previous month, and the construction industry sales price index was 52.5%, up 1.6 percentage points from last month.

The employment index was 47.7%, up 9.8 percentage points from last month. According to the industry, the index of service industry employees was 46.7%, up 7.8 percentage points from last month, and the construction industry employment index was 53.1%, up 20.8 percentage points from last month.

Business activity expectations index was 57.3%, up 17.3 percentage points from last month, indicating that the confidence of non manufacturing enterprises in the recent market development has been restored. According to the industry, the service sector business activity index is 56.8%, up 17.1 percentage points from last month, and the construction industry activity activity index is 59.9%, up 18.1 percentage points from last month.

　　 Three. Operation of China's comprehensive PMI output index

In March, the composite PMI output index was 53%, up 24.1 percentage points from last month, indicating that China's enterprises' production and business activities generally recovered faster.