1. Manufacturing Purchasing Managers Index

In January 2021, China's Manufacturing Purchasing Managers Index (PMI) was 51.3 percent, down by 0.6 percentage point from last month, which was above the threshold for eleven consecutive months, indicating that the manufacturing industry continued to expand, but the pace slowed down.

In terms of enterprise scale, the PMI of large and medium-sized enterprises was 52.1 and 51.4percent, which was 0.6 and 1.3 percentage points lower than that of last month, both still higher than the threshold; the PMI of small enterprises was 49.4 percent, which was 0.6 percentage point higher than that of last month, but still lower than the threshold.

According to the classification index, the five sub-indices composing PMI, the production index and new orders index were both above the threshold, while raw materials inventory index, employment index and supplier distribution time index all stayed below the threshold.

Production index was 53.5 percent, down by 0.7 percentage point from last month, but still stayed above the threshold, indicating that the production expansion of manufacturing industry was weaker than that of last month.

New orders index was 52.3 percent, down by 1.3 percentage points from last month, but still stayed above the threshold, indicating that the demand of the manufacturing industry slowed down.

The inventory index of raw materials was 49.0 percent, up 0.4 percentage point over last month and below the threshold, indicating that the decline of inventory of main raw materials in manufacturing industry narrowed.

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

The supplier delivery time index was 48.8 percent, which was 1.1 percentage points lower than the previous month, indicating that the delivery time of raw material suppliers in manufacturing industry slowed down compared with last month.

2. Non-manufacturing purchasing managers index

In January, the non-manufacturing business activity index was 52.4 percent, which was 3.3 percentage points lower than that of last month, and was above the threshold for 11 consecutive months, indicating that the non-manufacturing industry maintained a recovery trend, but the momentum slowed down.

In terms of industry, the construction industry business activity index was 60.0 percent, 0.7 percentage point lower than last month. The business activity index of service industry was 51.1 percent, 3.7 percentage points lower than that of last month. From the perspective of industry situation, the business activity index of telecommunications, radio and television satellite transmission services, monetary and financial services, capital market services, insurance and other industries was above 60.0 percent; the business activity index of air transport, road transport, accommodation, catering, resident services, culture, sports and entertainment was below the threshold.

The index of new orders was 48.7 percent, down 3.2 percentage points from the previous month, indicating that the demand of non-manufacturing market was weakened. By industry, the new order index of construction industry was 51.2 percent, 4.6 percentage points lower than that of last month; the new order index of service industry was 48.3 percent, 2.9 percentage points lower than that of last month.

The price index of inputs was 54.5 percent, up 0.2 percentage point from the previous month, indicating that the prices of inputs used by non-manufacturing enterprises for business activities continued to rise. By industry, the price index of construction inputs was 60.0 percent, down 1.2 percentage points from last month; the price index of service inputs was 53.5 percent, up 0.4 percentage point from last month.

The sales price index was 51.4 percent, which was 0.9 percentage point lower than that of last month, but still higher than the threshold, indicating that the overall increase of sales price of non-manufacturing industry was narrowed. By industry, the sales price index of the construction industry was 52.9 percent, down 1.1 percentage points from last month; the sales price index of the service industry was 51.1 percent, down 0.9 percentage point from last month.

The employment index was 47.8 percent, down 0.9 percentage point from the previous month, indicating that the employment outlook of non-manufacturing industries has fallen. In terms of industries, the employment index of the construction industry was 52.8 percent, up 0.1 percentage point from last month; the employment index of the service industry was 46.9 percent, down 1.1 percentage points from last month.

The expected index of business activities was 55.1 percent, down 5.5 percentage points from last month, and it still stayed in a relatively high boom range, indicating that most non-manufacturing enterprises kept confidence in the development of the industry. By industry, the expected index of business activities in construction industry was 53.6 percent, down 9.9 percentage points from last month; the expected index of business activities in service industry was 55.3 percent, down 4.8 percentage points from last month.

3. Composite PMI Output Index

In January, the comprehensive PMI output index was 52.8 percent, which was 2.3 percentage points lower than that of last month, indicating that the production and operation activities of Chinese enterprises kept expanding, but the expansion was weakened.