PMI index reflects accelerated pace of manufacturing expansion
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According to data released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing on the 31st, the China Manufacturing Purchasing Managers Index (PMI) was 51.9% in May, up from 0.5 percentage points in the previous month.
“In May, the manufacturing PMI was 0.5 and 0.7 percentage points higher than the previous month and the same period of last year, which was the highest point since October 2017. The pace of manufacturing expansion accelerated and the development momentum was further enhanced.” National Bureau of Statistics Service Industry Survey Mr. Zhao, senior statistician of the center, said.
In Mr. Zhao's view, the manufacturing PMI data in May showed four characteristics: First, the supply and demand sides coordinated and the market activity increased. The production index and the new order index rose from the previous month's 1.0 and 0.9 percentage points respectively to the year's high. Second, the pace of industrial transformation and upgrading has accelerated, and the support of new kinetic energy continues to increase. The PMI of equipment manufacturing and high-tech manufacturing increased by 1.3 and 1.0 percentage points respectively from the previous month, and both continued to exceed the overall level of manufacturing. Third, the traditional industry has rebounded and the production and operation of enterprises have improved. The ferrous metal smelting and rolling processing industry PMI rose to a recent high. Fourth, the import and export index has rebounded. The new export order index and import index rose by 0.5 and 0.7 percentage points respectively from the previous month, both of which were in the expansion range for three consecutive months.
"From the main sub-indices, the main indexes such as supply and demand have all risen, significantly higher than the same period of last year. On the whole, the economic endogenous power is enhanced, the quality continues to improve, the resilience against short-term fluctuations is enhanced, and the overall operation is stable. Chen Zhongtao, an analyst at China Logistics Information Center, said.
At the same time, however, the survey results show that the proportion of companies that reported tight funds in May was 40.1%, rising for three consecutive months. At the same time, the proportion of enterprises that reflect high raw material costs and labor costs has continued to exceed 40%. Cost pressure is still one of the major problems in production and operation.
The data released on the same day also showed that in May, the non-manufacturing business activity index was 54.9%, up 0.1 and 0.4 percentage points year-on-year, respectively, and the non-manufacturing industry continued to grow steadily. In addition, in May, the comprehensive PMI output index was 54.6%, which was 0.5 percentage points higher than the previous month, indicating that the overall expansion of production and operation activities of Chinese enterprises has accelerated.