1. Operation of China's Manufacturing Purchasing Managers Index

　　 In November, China’s Manufacturing Purchasing Managers’ Index (PMI) was 50.1%, an increase of 0.9 percentage points from the previous month, above the threshold, and the manufacturing industry returned to the expansion range.

        From the perspective of enterprise scale, the PMI of large enterprises was 50.2%, a slight decrease of 0.1 percentage point from the previous month, and continued to be higher than the threshold; the PMI of medium-sized enterprises was 51.2%, an increase of 2.6 percentage points from the previous month, which was higher than the threshold; the PMI of small enterprises It was 48.5%, an increase of 1.0 percentage point from the previous month and lower than the threshold.

　　 From the perspective of sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index is above the critical point, and the new order index, raw material inventory index, employee index, and supplier delivery time index are all below the critical point.

　　 The production index was 52.0%, an increase of 3.6 percentage points from the previous month, indicating that manufacturing activities have accelerated.

　　 The new order index was 49.4%, an increase of 0.6 percentage point from the previous month, indicating that the manufacturing market demand has improved.

　　 The raw material inventory index was 47.7%, 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 has narrowed.

　　 The employment index was 48.9%, an increase of 0.1 percentage point from the previous month, indicating a slight improvement in the employment boom of manufacturing enterprises.

　　 The supplier delivery time index was 48.2%, an increase of 1.5 percentage points from the previous month, but still below the threshold, indicating that the delivery time of manufacturing raw material suppliers has been extended.

　　Table 1 China's manufacturing PMI and composition index (seasonally adjusted)


　　 2. The operation of China's non-manufacturing purchasing managers' index

　　 In November, the non-manufacturing business activity index was 52.3%, a slight decrease of 0.1 percentage point from the previous month, and continued to be higher than the threshold. The non-manufacturing sector remained stable and recovered.



 

　　In terms of industry, the business activity index of the construction industry was 59.1%, an increase of 2.2 percentage points from the previous month. The business activity index of the service industry was 51.1%, a decrease of 0.5 percentage point from the previous month. From the perspective of the industry, the business activity index of water transportation, telecommunications, radio and television and satellite transmission services, currency and financial services, capital market services, insurance and other industries are in the high boom range of more than 55.0%; retail, road transportation, air transportation, accommodation, catering , Real estate, ecological protection and environmental governance, resident services, culture, sports and entertainment industry business activity index is below the threshold.

 
　　 The new order index was 48.9%, a slight decrease of 0.1 percentage point from the previous month, and was lower than the threshold, indicating that the non-manufacturing market demand has slowed down. In terms of different industries, the new order index of the construction industry was 54.2%, an increase of 1.9 percentage points from the previous month; the new order index of the service industry was 47.9%, a decrease of 0.5 percentage points from the previous month.

　　 The input price index was 50.8%, a decrease of 7.0 percentage points from the previous month, and was higher than the threshold, indicating that the overall level of increase in input prices used by non-manufacturing enterprises for business activities has significantly narrowed. In terms of different industries, the input price index of the construction industry was 44.9%, a decrease of 25.8 percentage points from the previous month; the input price index of the service industry was 51.8%, a decrease of 3.7 percentage points from the previous month.

　　 The sales price index was 50.1%. Although it was down 2.6 percentage points from the previous month, it was still above the threshold, indicating that the overall level of non-manufacturing sales prices rose slightly. In terms of different industries, the sales price index of the construction industry was 52.5%, a decrease of 4.6 percentage points from the previous month; the sales price index of the service industry was 49.6%, a decrease of 2.4 percentage points from the previous month.

　　 The employment index was 47.3%, a decrease of 0.2 percentage points from the previous month, indicating that the employment boom of non-manufacturing enterprises has weakened. In terms of different industries, the construction industry employment index was 51.3%, a decrease of 1.1 percentage points from the previous month; the service industry employment index was 46.6%, the same as the previous month.

　　 The business activity expectation index was 58.2%, down 0.6 percentage points from the previous month, and continued to be in a relatively high boom range, indicating that non-manufacturing companies’ confidence in the recent market recovery is generally stable. In terms of different industries, the business activity expectation index of the construction industry was 58.3%, down 2.0 percentage points from the previous month; the business activity expectation index of the service industry was 58.2%, down 0.3 percentage points from the previous month.

　　 Table 3 China's non-manufacturing main sub-indices (seasonally adjusted)


　　 3. The operation of China's comprehensive PMI output index

　　 In November, the comprehensive PMI output index was 52.2%, an increase of 1.4 percentage points from the previous month, indicating that the overall expansion of the production and operation activities of Chinese enterprises has accelerated.



 

　　Note

　　1. Explanation of main indicators

The Purchasing Manager Index (PMI) is an index compiled and compiled through the statistical summary and compilation of the monthly survey results of corporate purchasing managers. It covers all aspects of corporate procurement, production, and circulation, including manufacturing and non-manufacturing fields. One of the leading indicators of Shanghai General Motors to monitor macroeconomic trends has a strong predictive and early warning effect. The comprehensive PMI output index is a comprehensive index in the PMI indicator system that reflects the changes in the output of the entire industry (manufacturing and non-manufacturing) during the current period. When the PMI is higher than 50%, it reflects the overall economic expansion compared with the previous month; if it is below 50%, it reflects the overall economic contraction compared with the previous month.

　　 2. Survey scope

　　Involving the 31 industry categories in the "National Economic Industry Classification" (GB/T4754-2017), 3000 survey samples; 43 non-manufacturing industries, 4200 survey samples.

　　 3. Investigation method

       Purchasing manager survey adopts PPS (Probability Proportional to Size) sampling method, with manufacturing or non-manufacturing industries as the tier. The sample size of the industry is allocated according to the proportion of its value-added in the total value-added of manufacturing or non-manufacturing. The sample uses probability extraction proportional to the company's main business income.

　　 This survey was specifically organized and implemented by the survey team directly under the National Bureau of Statistics, and the national statistical network direct reporting system was used to conduct monthly questionnaire surveys on corporate purchasing managers.

　　 4. Calculation method

　　 (1) The calculation method of the classification index. The survey index system of manufacturing purchasing managers includes production, new orders, new export orders, orders in hand, finished product inventory, purchase volume, imports, purchase prices of main raw materials, ex-factory prices, raw materials inventory, employees, supplier delivery time, 13 sub-indexes including production and business activity expectations. The non-manufacturing purchasing manager survey index system includes 10 sub-indexes including business activities, new orders, new export orders, orders in hand, inventory, input prices, sales prices, employees, supplier delivery time, and business activity expectations. The classification index uses the diffusion index calculation method, that is, the percentage of the number of companies that answered positively plus half of the percentage of unchanged answers. Since there is no synthetic index for non-manufacturing industries, business activity indexes are usually used internationally to reflect the overall changes in the economic development of non-manufacturing industries.

　　(2) The calculation method of manufacturing PMI index. Manufacturing PMI is calculated by weighting 5 diffusion indexes (classification indexes). The five sub-indexes and their weights are determined according to the degree of their prior influence on the economy. Specifically include: new order index with a weight of 30%; production index with a weight of 25%; employee index with a weight of 20%; supplier delivery time index with a weight of 15%; raw material inventory index with a weight of 15% Is 10%. Among them, the supplier delivery time index is an inverse index, and the inverse calculation is performed when the manufacturing PMI index is synthesized.

　　(3) The calculation method of the comprehensive PMI output index. The comprehensive PMI output index is a weighted sum of the manufacturing production index and the non-manufacturing business activity index. The weights are the proportions of manufacturing and non-manufacturing in GDP.

　　 5. Seasonal adjustment

　　 The purchasing manager survey is a monthly survey. Due to seasonal factors, the data fluctuates greatly. The indices now released are all seasonally adjusted data.