National Bureau of Statistics: China's manufacturing PMI fell 0.6% month-on-month in January, but it was at the critical point for 11 months in a row.

I. the Operation of Purchasing Manager Index in China's Manufacturing Industry

China's manufacturing purchasing managers' index ((PMI)) was 51.3 per cent in January, down 0.6 percentage points from the previous month and above the tipping point for 11 consecutive months, indicating that the manufacturing sector continues to expand, but at a slower pace.

In terms of enterprise size, the PMI of large and medium-sized enterprises was 52.1% and 51.4% respectively, down 0.6% and 1.3% from the previous month, but both were higher than the tipping point, while the PMI of small enterprises was 49.4%, up 0.6% from the previous month, still below the tipping point.

From the perspective of classification index, among the five sub-indices of manufacturing PMI, the production index and new order index are higher than the critical point, while the raw material inventory index, employee index and supplier delivery time index are lower than the critical point.

The production index was 53.5 per cent, down 0.7 percentage points from the previous month and above the tipping point, indicating that the expansion of manufacturing production was weaker than the previous month.

The new orders index was 52.3 per cent, down 1.3 percentage points from last month and continues to be above the tipping point, indicating a slowdown in demand growth in the manufacturing market.

The raw material inventory index was 49.0%, up 0.4 percentage points from the previous month, below the tipping point, indicating a narrowing decline in the inventory of major raw materials in the manufacturing industry.

The employment index was 48.4%, down 1.2 percentage points from the previous month, indicating that the employment climate of manufacturing enterprises has declined.

The supplier delivery time index was 48.8%, down 1.1 percentage points from the previous month, indicating that the delivery time of manufacturing raw material suppliers was slower than the previous month.

II. Operation of purchasing managers' index in China's non-manufacturing industry

In January, the index of non-manufacturing business activity was 52.4 per cent, down 3.3 percentage points from the previous month and above the tipping point for 11 consecutive months, indicating that the non-manufacturing sector is continuing to recover, but the momentum has slowed.

In terms of sectors, the business activity index of the construction industry was 60.0%, down from 0.7 percentage points last month. The service sector business activity index was 51.1%, down from 3.7 percentage points last month. From the perspective of the industry, the business activity index of telecommunications, radio and television satellite transmission services, monetary and financial services, capital market services, insurance and other industries is above 60.0%; the business activity index of air transport, road transport, accommodation, catering, resident services, culture, sports and entertainment and other industries is below the critical point.

The index of new orders was 48.7%, down 3.2 percentage points from the previous month, indicating weaker demand in the non-manufacturing market. In terms of sectors, the index of new orders in the construction industry was 51.2%, down 4.6 percentage points from the previous month; and the index of new orders in the service sector was 48.3%, down 2.9 percentage points from the previous month.

The input price index was 54.5%, up 0.2 percentage points from the previous month, indicating that the prices of inputs used by non-manufacturing enterprises for business activities generally continued to rise. In terms of sectors, the price index of inputs in the construction industry was 60.0 percent, down 1.2 percentage points from the previous month, while the price index of inputs in the service sector was 53.5 percent, up 0.4 percentage points from the previous month.

The sales price index was 51.4%, down 0.9 percentage points from the previous month, but still higher than the tipping point, indicating that the overall increase in non-manufacturing sales prices has narrowed. In terms of sectors, the sales price index of the construction industry was 52.9%, down 1.1 percentage points from the previous month, while the sales price index of the service industry was 51.1%, down 0.9 percentage points from the previous month.

The employment index was 47.8%, down 0.9 percentage points from the previous month, indicating a decline in non-manufacturing employment. In terms of sectors, the employment index of the construction industry was 52.8 percent, up 0.1 percentage points from the previous month, while the employment index of the service industry was 46.9 percent, down 1.1 percentage points from the previous month.

The business activity expectation index was 55.1 per cent, down 5.5 percentage points from the previous month and still in a high boom range, indicating that most non-manufacturing companies maintain confidence in the development of the industry. From a sub-industry point of view, the expected index of business activities in the construction industry was 53.6%, down 9.9 percentage points from the previous month, while the expected index of business activities in the service industry was 55.3%, down 4.8 percentage points from the previous month.

III. Operation of China's Comprehensive PMI output Index

In January, the composite PMI output index was 52.8%, down 2.3 percentage points from the previous month, indicating that the recent production and business activities of Chinese enterprises have generally maintained expansion, but the intensity of expansion has weakened.