China's manufacturing PMI regained its top line in March

On April 1, the National Bureau of Statistics Service Survey Center and the China Federation of Logistics and Purchasing issued the China Manufacturing Purchasing Managers Index. In March, the manufacturing PMI was 50.2%, which was a 1.2% increase from the previous month. Since August last year, the PMI has returned above the line for the first time. Some positive changes have begun to show.
In terms of scale of the company, the PMI of large-sized companies is 51.5%, up 1.6 percentage points from the previous month and rising above the critical point; the PMI of medium-sized enterprises is 49.1%, which is up 0.1 percentage points from last month and continues to be below the critical point; small enterprise PMI It was 48.1%, a rebound of 3.7 percentage points from the previous month and still in the contraction range.
From the classification index, among the five sub-indices that constitute the manufacturing PMI, the production index, new order index, and supplier delivery time index are above the critical point, and the employee index and raw material inventory index are below the critical point.
The production index was 52.3%, up 2.1 percentage points from the previous month, and it was still above the critical point, indicating that the growth rate of manufacturing production was accelerating.
The new orders index was 51.4%, up 2.8 percentage points from the previous month and returning to the expansion zone, indicating that the demand in the manufacturing market picked up.
The employee index was 48.1%, which was a 0.5 percentage point increase from the previous month and continued to fall below the critical point, indicating that the reduction in the number of workers employed by the manufacturing industry has narrowed.
The stock index of raw materials was 48.2%, which was a 0.2 percentage point increase from the previous month. It was still below the critical point, indicating that the decline in the inventory of major raw materials in the manufacturing industry narrowed slightly.
The supplier's delivery time index is 51.3%, which is higher than the critical point, indicating that the delivery time of manufacturing material suppliers has accelerated.
According to the analysis of the National Bureau of Statistics, the manufacturing operations in March presented the following characteristics: First, after the Spring Festival, the enterprises began to concentrate and the supply-side structural reforms accelerated. The manufacturing industry and the market recovered. The production index was 52.3%, up 2.1 percentage points from the previous month. The new orders index was 51.4%, up 2.8 percentage points from the previous month and rising above the critical point. Second, the demand for manufacturing import and export markets has picked up and returned to expansion. The new export order index for the month was 50.2%, up 2.8 percentage points from the previous month, and it was the first time since October 2014 that it has risen above the critical point. The import index was 50.1%, an increase of 4.3 percentage points from the previous month and it was the highest point since December 2013. Third, the recent international commodity price shocks rebounded and the price of important production materials in some circulation areas continued to rebound, and corporate procurement activities became more active. The purchasing volume index was 52.6%, up 4.7 percentage points from the previous month and returning above the critical point. The purchase price index of major raw materials was 55.3%, which was 5.1 percentage points higher than that of the previous month. It was above the critical point for two consecutive months. The rebound in prices played a certain role in the production of related industries. Fourth, the structural adjustment has been actively promoted, and the manufacturing industry has continued to advance toward the mid-to-high end. The high-tech manufacturing PMI was 52.4%, up 3.5% from the previous month and 2.2% higher than the manufacturing industry. The fifth is effective investment drive. The recent rebound in fixed-asset investment and the rebound in the real estate market have given a certain boost to production and consumption.

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