Recently, the National Bureau of Statistics Service Industry Research Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. Data show that in April, the manufacturing PMI was 51.4%, slightly lower than the previous month's 0.1 percentage points, but still higher than the first quarter average and 0.4 and 0.2 percentage points in the same period of last year. The manufacturing industry continued to maintain a steady growth trend.
“Although the PMI declined slightly in April, it was still the highest in the same period in the past five years, 0.2 percentage points higher than that in April last year, indicating that the economy is expected to run smoothly.†Lian Ping, chief economist of Bank of Communications, said that in April, manufacturing Most of the PMI's index fluctuated less, the overall operation was stable, and the drop in the order index was the main reason for the slight decline in manufacturing PMI. It is reported that among the three major order indices, the new order index and the new export order index are 52.9% and 50.7%, respectively. Although they remain in the expansion range, they all have a significant decline, with a decrease of 0.4% and 0.6% respectively. Affected by the weakening of orders, raw material inventories, product inventories and import indices declined slightly.
Zhao Qinghe, senior statistician of the Service Industry Research Center of the National Bureau of Statistics, said that the manufacturing production index for April was 53.1%, which was the same as last month, and the new order index was higher than the first quarter average of 0.7 and 0.6 percentage points respectively. Continue to be at the recent lows, and the market supply and demand will be more balanced.
In addition, high-tech manufacturing continues to lead and high-quality development is progressing steadily. In April, the high-tech manufacturing PMI was 53.8%, up 0.6 and 0.4 percentage points year-on-year. Some experts said that China has further accelerated innovation drive and increased key core technology research. It is expected that the high-tech industry will usher in an accelerated development period and continue to promote industrial structure.
Another major feature reflected in the latest data is that SME business activities continue to rise. Chen Zhongtao, an analyst at China Logistics Information Center, said that in April, the medium-sized enterprise PMI index rose by 0.3 percentage points to 50.7% after rising by 1.4 percentage points in March, the highest since October last year. The PMI of small businesses has risen more sharply, staying above 50% for two consecutive months, the highest since the second half of last year. The PMI index of small and medium-sized enterprises continued to rise, indicating that the effectiveness of the active support policies such as the national tax reduction and fee reduction showed that the production and operation situation of small and medium-sized enterprises was developing.
Chen Zhongtao said that in the first four months of the comprehensive situation, since the beginning of this year, economic development has maintained a stable state, strong momentum, excellent quality, good efficiency and strong vitality. The new cycle of high-quality economic development has been started, and it has maintained stable operation and high quality in the later period. Development has a solid foundation and conditions. At present, enterprises are full of confidence in the later economic development, are more optimistic about the market situation, and expect good production and operation activities. The expected index remains at a high level of over 58%, which is nearly 2 percentage points higher than the same period last year.
In addition, it is worth noting that Zhao Qinghe said that the proportion of enterprises reflecting high labor costs and high logistics costs in April was 40.4% and 26.9%, respectively, both of which rose for three consecutive months. Enterprises felt that the pressure on production and operation costs was relatively high. Another 13.6% of the companies reported that the fluctuation of the RMB exchange rate has had a certain impact on the production and operation of the company, which is the highest point since March 2017.
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