November Manufacturing PMI Shows Downward Pressure Still Exists.

Recently, the National Bureau of Statistics Service Industry Survey Center and China Federation of logistics and purchasing released the China Purchasing Managers Index in November. 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. 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. 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.