Interpretation: In November 2019, The Manufacturing Purchasing Managers Index Returned To The Expansion Section.

In November 30, 2019, the National Bureau of Statistics Service Center and the China Federation of logistics and purchasing released the China Purchasing Managers Index. In this regard, Zhao Qinghe, a senior statistician of the National Bureau of Statistics Service Industry Investigation Center, made an interpretation.

　　 1. The Manufacturing Purchasing Managers Index will return to the expansion section.

In November, the PMI of manufacturing industry was 50.2%, up 0.9 percentage points from last month. After 6 consecutive months below the critical point, it returned to the expansion section again. The main characteristics of this month's manufacturing PMI are: first, both ends of supply and demand have been improved. The production index and the new orders index were 52.6% and 51.3%, respectively, rising by 1.8 and 1.7 percentage points respectively, all of which were the highest level since the second half of the year. In terms of industry, production index and new order index of agricultural and sideline food processing, food and alcoholic beverage refining tea, medicine, automobile, railway ship, aerospace equipment and so on both rise, and are located in the expansion area. Two, imports and exports have improved. The new export orders index and import index were 48.8% and 49.8%, respectively, rising by 1.8 and 2.9 percentage points respectively. Among them, the rise in the new export orders index is related to the increase in orders for Christmas overseas, and the rise in import index is mainly driven by domestic demand. The three is the general recovery of large and medium enterprises. Large, medium and small enterprises PMI was 50.9%, 49.5% and 49.4%, respectively, higher than last month's 1, 0.5 and 1.5 percentage points, of which PMI of large enterprises once again returned to the expansion area. From the production situation, the production index of large, medium and small enterprises is higher than that of last month, all above the critical point. The four is to speed up transformation and upgrading. From key industries, the PMI of high-tech manufacturing, equipment manufacturing and consumer goods industries were 51.7%, 51% and 51.1% respectively, all rising for two consecutive months.

Under the influence of external uncertainties and other factors, the downward pressure on manufacturing industry still exists. From the price index reflecting market changes, the main raw material purchase price index and factory price index were 49% and 47.3%, respectively, down 1.4 and 0.7 percentage points from last month, all of which fell for two consecutive months. Some enterprises have reflected some achievements in transformation and upgrading, and the business environment has improved. However, the problem of capital shortage is still prominent. The survey results showed that the proportion of enterprises reflecting financial stress was 38.2%, up 1.5 percentage points from last month.

　　 Two. The expansion of non manufacturing business activity index is accelerating.

In November, the non manufacturing business activity index was 54.4%, up 1.6 percentage points from last month, the highest level since April.

The growth rate of the service sector has markedly accelerated. The service business activity index was 53.5%, up 2.1 percentage points from last month, and higher than the annual average value of 0.4 percentage points. Due to the rebound in manufacturing boom, corporate purchasing activities were active last month, and the index of business activities related to producer services and logistics industry increased by 7.6 and 4.3 percentage points respectively, 58.5% and 61.5%, and the total business volume increased rapidly. Among them, wholesale and retail, freight transport and warehousing, express, telecommunications Internet software, financial and other industries business activity index significantly increased, is the main force to accelerate the expansion of the service industry. From the market demand and expectations, the new order index rose to an expansion interval of 50.5%, an increase of 2.1 percentage points from last month. The business activity expectation index is 60.6%, rising for two consecutive months. It is located in the high business section, indicating that the service industry's confidence in the industry continues to grow. Among them, air transport, postal express, banking, insurance and other industries business activity index continues to be above 65%.

The construction industry is running at a high level. The construction business activity index was 59.6%, although it dropped 0.8 percentage points from last month, but it was basically unchanged from the annual average value, and maintained a relatively fast growth. From the perspective of market demand and labor demand, the new order index and employment index were 56% and 55.5%, respectively, rising by 1.2 and 3.7 percentage points respectively from the previous month.

　　 Three, the composite PMI output index rebounded significantly.

In November, the composite PMI output index was 53.7%, up 1.7 percentage points from the previous month, the highest point in the second half of the year, indicating that the pace of enterprise expansion is accelerating. Manufacturing industry production index and non manufacturing business activity index of composite PMI output index were 52.6% and 54.4% respectively.