With the effective coordination of epidemic prevention and control and economic and social development, the level of my country’s economic prosperity in May improved compared with the previous month.

On May 31, data released by the National Bureau of Statistics showed that in May, the manufacturing purchasing managers’ index (PMI) was 49.6%, an increase of 2.2 percentage points from the previous month; the non-manufacturing business activity index was 47.8%, an increase of 5.9 from the previous month. percentage point; the composite PMI output index was 48.4%, up 5.7 percentage points from the previous month.

In this regard, Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, explained:

In May, the manufacturing purchasing managers’ index, the non-manufacturing business activity index and the composite PMI output index rose simultaneously, reaching 49.6%, 47.8% and 48.4% respectively. Although they were lower than the threshold, they were significantly higher than 2.2 and 5.9 in the previous month. and 5.7 percentage points.

It shows that factors such as the recent epidemic situation and changes in the international situation have had a great impact on economic operation. However, with the effective coordination of epidemic prevention and control and economic and social development, my country’s economic prosperity has improved compared with April.

Manufacturing PMI rose slightly

In May, the manufacturing PMI was 49.6%, although it was lower than the threshold, it was up 2.2 percentage points from the previous month, and the overall prosperity of the manufacturing industry improved.

In terms of enterprise scale, the PMI of large enterprises was 51.0%, an increase of 2.9 percentage points from the previous month, and returned to above the critical point ; the PMIs of medium and small enterprises were 49.4% and 46.7% respectively, an increase of 1.9 and 1.1 percentage points from the previous month. below the critical point.

In terms of sub-indices, the five sub-indices that make up the manufacturing PMI are all below the critical point.

The production index was 49.7%, an increase of 5.3 percentage points from the previous month, indicating that the production prosperity level of the manufacturing industry has improved.

The new orders index was 48.2 percent, up 5.6 percentage points from the previous month, indicating that the decline in manufacturing market demand narrowed.

The raw material inventory index was 47.9 percent, an increase of 1.4 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry narrowed.

The employment index was 47.6%, an increase of 0.4 percentage points from the previous month, indicating that the employment prosperity level of manufacturing enterprises rebounded slightly.

The supplier delivery time index was 44.1 percent, an increase of 6.9 percentage points from the previous month, and was still lower than the critical point, indicating that the delivery time of manufacturing raw material suppliers was still relatively slow.

Zhao Qinghe of the National Bureau of Statistics explained:

In May, the resumption of work and production in areas affected by the epidemic gradually advanced, and the manufacturing PMI rose to 49.6% from the low base level in April. Among the 21 industries surveyed, the number of industries with PMI in the expansion range increased from 9 in the previous month to 12, and the manufacturing sector showed positive changes.

(1) Both production and demand have recovered somewhat. The production index and new orders index were 49.7% and 48.2% respectively, up 5.3 and 5.6 percentage points from the previous month, indicating that both manufacturing production and demand have recovered to varying degrees, but the recovery momentum still needs to be strengthened.

From the perspective of the industry, the production index of chemical fiber and rubber and plastic products, special equipment, automobiles and other industries was higher than that of the previous month by more than 10.0 percentage points, rising to the expansion range, and the production activities of enterprises accelerated; And other fuel processing, chemical raw materials and chemical products, ferrous metal smelting and rolling processing and other industries, the new order index returned to the expansion range, and the market demand has rebounded.

(2) The price index continued to fall. The purchasing price index for major raw materials was 55.8 percent, 8.4 percentage points lower than the previous month, and continued to be higher than 55.0 percent. The increase in purchasing prices of manufacturing raw materials narrowed, but was still at a relatively high level. Among them, the purchase price index of major raw materials in the industries of papermaking, printing, culture, education, sports, beauty and entertainment, petroleum, coal and other fuel processing, chemical raw materials and chemical products, chemical fibers and rubber and plastic products, and pharmaceuticals continued to be at a high level of over 60.0%. Cost pressure remains high.

The ex-factory price index was 49.5%, 4.9 percentage points lower than the previous month, and fell to the contraction range for the first time this year, indicating that the overall level of sales prices of manufacturing products has declined. Among them, ferrous metal smelting and rolling processing, non-ferrous metal smelting and rolling processing, metal products and other industries are lower than 45.0%.

(3) The PMI of enterprises of all scales rose simultaneously. The PMI of large enterprises was 51.0%, 2.9 percentage points higher than the previous month, returning to the expansion range. The production index and new order index were 52.5% and 50.7%, respectively, 2.8 and 2.5 percentage points higher than the overall manufacturing industry. Better than the manufacturing industry as a whole. The PMIs of small and medium-sized enterprises were 49.4% and 46.7%, respectively, 1.9 and 1.1 percentage points higher than the previous month. Although the prosperity level has improved, it is still below the critical point.

The survey results show that a series of policies recently introduced to open up logistics and industrial upstream and downstream connection blocking points have shown some results. In May, the proportion of enterprises that reported poor logistics transportation decreased by 8.0 percentage points from the previous month, but it is still necessary to continue to do a good job in logistics protection. Ensure smooth work and ensure the stability of the industrial chain and supply chain.

The economic level of non-manufacturing industries has improved significantly

In May, the non-manufacturing business activity index was 47.8%, an increase of 5.9 percentage points from the previous month, and the non-manufacturing business activity level improved significantly.

In view of different industries, the business activity index of the construction industry was 52.2 percent, a decrease of 0.5 percentage points from the previous month. The service industry business activity index was 47.1 percent, up 7.1 percentage points from the previous month. In terms of industry conditions, the business activity indices of railway transportation, air transportation, postal services, telecommunications, radio and television and satellite transmission services are in a relatively high boom range of over 55.0%; accommodation, other finance, leasing and business services, ecological protection and environmental governance, etc. The industry business activity index continues to be below the threshold.

The new orders index was 44.1 percent, up 6.7 percentage points from the previous month, and still lower than the threshold, indicating that the level of demand in the non-manufacturing market has recovered. In view of different industries, the new orders index of the construction industry was 46.4%, an increase of 1.1 percentage points from the previous month; the new orders index of the service industry was 43.7%, an increase of 7.7 percentage points from the previous month.

The input price index was 52.5 percent, a decrease of 1.2 percentage points from the previous month, and was still higher than the threshold, indicating that the increase in the overall level of input prices used by non-manufacturing enterprises for business activities narrowed. In view of different industries, the input price index of the construction industry was 52.4 percent, a decrease of 7.9 percentage points from the previous month; the input price index of the service industry was 52.5 percent, a decrease of 0.1 percentage point from the previous month.

The sales price index was 49.4 percent, up 0.5 percentage points from the previous month, and still below the threshold, indicating that the decline in the overall level of non-manufacturing sales prices narrowed. In view of different industries, the sales price index of the construction industry was 51.5%, a decrease of 1.7 percentage points from the previous month; the sales price index of the service industry was 49.0%, an increase of 0.9 percentage points from the previous month.

The employment index was 45.3 percent, a decrease of 0.1 percentage point from the previous month, indicating that the employment prosperity of non-manufacturing enterprises was still at a low level. In view of different industries, the construction industry employment index was 45.5%, an increase of 2.4 percentage points from the previous month; the service industry employment index was 45.3%, a decrease of 0.5 percentage points from the previous month.

The business activity expectation index was 55.6%, an increase of 2.0 percentage points from the previous month, and was higher than the threshold, indicating that non-manufacturing enterprises have increased confidence in the recent industry recovery and development. In view of different industries, the business activity expectation index of the construction industry was 57.9%, an increase of 0.9 percentage points from the previous month; the business activity expectation index of the service industry was 55.2%, an increase of 2.2 percentage points from the previous month.

In this regard, Zhao Qinghe of the National Bureau of Statistics explained:

(1) The prosperity of the service industry has rebounded. In May, the overall epidemic situation in the country showed a steady decline. The business activity index of the service industry was 47.1%, 7.1 percentage points higher than the previous month. The prosperity of the service industry recovered quickly, but it was still lower than the same period in previous years. In terms of industry conditions, 17 of the 21 industries surveyed have business activity indices higher than the previous month, of which retail, railway transportation, air transportation, postal services, telecommunications, radio, television and satellite transmission services, and monetary and financial services are in the expansion range. The total business volume increased month-on-month; the business activity index of industries such as accommodation, leasing and business services continued to be at a low level below 40.0%, and the market activity continued to be low.

From the perspective of market expectations, the business activity expectation index was 55.2%, 2.2 percentage points higher than the previous month, and rose to a relatively high economic range, indicating that with the gradual and effective control of the epidemic, various policies and measures such as stabilizing growth, stabilizing market entities, and ensuring employment have continued. With detailed implementation, the confidence of service industry enterprises has been enhanced.

(2) The construction industry continued to expand. The business activity index of the construction industry was 52.2%, 0.5 percentage points lower than the previous month, and still maintained an expansion trend. Among them, the civil engineering and construction business activity index and new order index were 62.7% and 59.1%, 1.7 and 6.8 percentage points higher than the previous month, both continued to rise from the high base level of the previous month, indicating that the recent infrastructure construction continued advance to provide strong support for stable growth.

Composite PMI output index recovers

In May, the comprehensive PMI output index was 48.4%, an increase of 5.7 percentage points from the previous month, indicating that the production and operation prosperity of Chinese enterprises has recovered.

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