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China Manufacturing Purchasing Managers' Index For January Was 49.5%
- Feb 12, 2019 -

The National Bureau of Statistics Service Industry Research Center and the China Federation of Logistics and Purchasing jointly released data on the 31st. In January 2019, the China Manufacturing Purchasing Managers' Index (PMI) was 49.5%, which fell behind for four consecutive months, slightly higher than last month 0.1 percentage points.

In terms of enterprise scale, the PMI of large enterprises was 51.3%, which was 1.2 percentage points higher than that of the previous month and continued to exceed the critical point of 50%.The PMI of small and medium-sized enterprises was 47.2% and 47.3%, respectively, down 1.2 and 1.3 percentage points from the previous month, both below the critical point.

The data shows that manufacturing production expansion has accelerated slightly.The production index was 50.9%, slightly higher than the previous month by 0.1 percentage points.The new order index was 49.6%, down 0.1 percentage points from the previous month.Among them, the new export order index reflecting external demand was 46.9%, up 0.3 percentage points from the previous month.

Zhao Qinghe, senior statistician of the Service Industry Research Center of the National Bureau of Statistics, said that the PMI of large enterprises was 51.3%, which was 1.8 percentage points higher than the total manufacturing industry.At the same time, the expected index of production and operation activities of large enterprises was 55.4%, up 0.6 percentage points from the previous month.Large-scale enterprises are basically stable in operation and are relatively optimistic about future market development expectations.

“The new kinetic energy continues to accumulate, and the holiday consumption effect appears.”According to Zhao Qinghe, the production index of high-tech manufacturing and consumer goods manufacturing was 51.6% and 51.5%, up 3.2 and 1.3 percentage points respectively from the previous month, both significantly higher than the overall level of manufacturing, and the production activities of enterprises accelerated.

The survey also showed that the proportion of enterprises that reflected the high cost of raw materials and the fluctuation of RMB exchange rate on the production and operation of enterprises was 34.5% and 12.7%, respectively, down 2.9 and 1.2 percentage points from the previous month, both of which fell for three consecutive months, indicating Recently, the pressure on the procurement cost of raw materials for enterprises has eased, and the impact of fluctuations in the RMB exchange rate has also been alleviated.

Zhang Liqun, a researcher at the Development Research Center of the State Council, believes that the manufacturing PMI rose slightly in January after falling for four consecutive months.However, the index of purchase volume, import and raw material inventory was lower than the critical point, and the expected index of production and operation activities and the index of employees decreased. Comprehensive research and judgment, the current economy has signs of stabilization, but the foundation still needs to be consolidated.