The China Manufacturing PMI released by China Federation of Logistics and Purchasing and the National Bureau of Statistics Service Industry Center in August was 49.2%, down 0.9 percentage points from the previous month, indicating that the current economy is still in the downward process. However, in light of the changes in the main sub-indexes, the current economy is gradually bottoming out in the downward direction. From the 11 sub-indices, only the production index is slightly above 50%, and the remaining indices are either 50% or below 50%. Compared with the previous month, the production index, new orders index, raw material inventory index, and employee index decreased, among which the raw material inventory index fell more obviously, with a drop of more than 3 percentage points; the new export order index was 46.6%, unchanged from the previous month; backlog orders Index, finished goods inventory index, purchase volume index, import index, purchase price index, supplier delivery time index increased, of which the purchase price index rose significantly, an increase of 5.1 percentage points. In terms of industries, the industries of petroleum processing and coking, food and beverage refined tea manufacturing, and tobacco products are higher than 50%; electrical machinery and equipment manufacturing, non-metallic mineral products, chemical raw materials and chemical manufacturing. Industry and other 12 industries are below 50%. In terms of regions, the western region is slightly above 50%; the eastern, central and northeast regions are all below 50%. In terms of enterprise scale, large, medium and small micro enterprises are all below 50%. In response to the survey of manufacturing purchasing managers in August, special analyst Zhang Liqun said: "In August, the PMI index continued to decline and the decline was increased, and the absolute level fell below 50%. From the characteristics of the index itself, it reflects that the manufacturing industry is in a contraction state. From the sub-indices, the new order index fell by 0.3 percentage points. The new export order index was unchanged from the previous month. The backlog of orders index increased significantly; the purchase price index increased significantly; the raw material inventory index fell sharply, and the finished goods inventory index rose slightly. These changes indicate that the level of orders held by enterprises has stabilized, and the expectation of price increases has begun to brew. The activities of compressing inventory and controlling the operating rate are coming to an end. From the perspective of market demand, the effect of “stable growth†policy is constantly emerging, and domestic investment since June The growth rate of consumption has stabilized. The growth rate of exports in July has dropped sharply. However, from the changes in the PMI export order index in August, the growth rate of export in the future may recover. The growth of corporate orders supported by market demand will show a steady trend. The impact of the company's destocking activities for more than half a year is expected to end, the overall manufacturing industry Production levels are expected to be steady recovery, economic growth is expected to end the callback situation. "The new orders index declined slightly. The new orders index for this month was 48.7%, down 0.3 percentage points from the previous month. From the industry perspective, food and beverage beverage refined tea manufacturing, computer communication electronic equipment and instrumentation manufacturing, agricultural and sideline food processing industries and other 10 industries are higher than 50%; special equipment manufacturing, ferrous metal smelting and rolling processing industry, 11 industries such as the textile industry are below 50%. In terms of enterprise scale, medium-sized enterprises are higher than 50%; large and small and micro enterprises are lower than 50%. The production index continued to fall. The production index for this month was 50.9%, down 0.9 percentage points from the previous month. From the industry perspective, food and beverage beverage refined tea manufacturing, petroleum processing and coking industry and computer communication electronic equipment and instrumentation manufacturing industries and other 13 industries are higher than 50%; special equipment manufacturing, ferrous metal smelting and rolling processing industry, 8 industries such as the textile industry are below 50%. From the regional perspective, the eastern, central and western regions are above 50%; the northeast is below 50%. In terms of enterprise scale, large and medium-sized enterprises are higher than 50%; small and micro enterprises are lower than 50%. The new export orders index was flat and the import index rose. The new export order index for this month was 46.6%, which was the same as last month. From the industry perspective, 8 industries including agricultural and sideline food processing industry, food and wine beverage refined tea manufacturing, computer communication electronic equipment and instrumentation manufacturing industry are higher than 50%; metal products industry, textile industry, ferrous metal smelting and calendering 13 industries such as industry are below 50%. The import index for this month was 47%, up 2 percentage points from the previous month. From the industry point of view, the petroleum processing and coking industry, computer communication electronic equipment and instrumentation manufacturing industry, railway and ship aerospace transportation equipment manufacturing industry and other six industries are higher than 50%; chemical raw materials and chemical products manufacturing is located at 50%; metal 14 industries such as product manufacturing, pharmaceutical manufacturing, wood processing and furniture manufacturing are less than 50%. The purchase volume index rebounded. This month's purchase volume index was 48.8%, up 2 percentage points from the previous month. In terms of industry, 11 industries including food and beverage refined tea manufacturing, computer communication electronic equipment and instrumentation manufacturing, and petroleum processing and coking industry are higher than 50%; ferrous metal smelting and rolling processing industry, special equipment manufacturing industry 10 industries such as metal products industry are less than 50%. From the regional perspective, the central part is higher than 50%; the eastern part, the northeastern part and the western part are all below 50%. The purchase price index rebounded. The purchase price index for this month was 46.1%, up 5.1 percentage points from the previous month. In terms of industry, 8 industries including petroleum processing and coking, agricultural and sideline food processing, chemical fiber and rubber plastic products, tobacco products and pharmaceutical manufacturing are higher than 50%; ferrous metal smelting and rolling processing industry, metal 13 industries such as product industry and special equipment manufacturing industry are less than 50%. In terms of enterprise scale, small and micro enterprises are higher than 50%; large and medium enterprises are lower than 50%.
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