Bureau of Statistics: PMI was 51.1% in July, up 0.2% from the previous month.

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

In July, China's manufacturing purchasing managers' index ((PMI)) was 51.1%, up 0.2% from the previous month and above the tipping point for five consecutive months.

In terms of enterprise size, the PMI of large enterprises was 52.0%, down 0.1% from the previous month; the PMI of medium-sized enterprises was 51.2%, up 1.0% from the previous month; and the PMI of small enterprises was 48.6%, down 0.3% from the previous month.

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

The production index was 54.0%, up 0.1 percentage points from the previous month and above the critical point for five consecutive months, indicating that manufacturing production continued to grow month-on-month.

The index of new orders was 51.7%, up 0.3% from the previous month and rebounding for three consecutive months, indicating that demand in the manufacturing market is gradually picking up.

The inventory index of raw materials was 47.9%, up 0.3 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing sector continued to narrow.

The employment index was 49.3%, up 0.2 percentage points from the previous month, indicating a slight improvement in the employment climate of manufacturing enterprises.

The supplier delivery time index is 50.4%, which is 0.1% lower than last month, but it is still above the critical point, indicating that the delivery time of manufacturing raw material suppliers continues to accelerate.

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

In July, the index of non-manufacturing business activity was 54.2%, down 0.2 percentage points from the previous month and remained above the tipping point.

In terms of sectors, the business activity index of the construction industry was 60.5%, an increase of 0.7 percentage points over the previous month. The service industry business activity index was 53.1%, down 0.3 percentage points from the previous month. From the perspective of industry categories, the business activity index of railway transport, air transport, postal express delivery, accommodation, telecommunications, radio and television satellite transmission services, capital market services and other industries is more than 60.0%. The business activity index of insurance, real estate, leasing and business services is below the critical point.

The new orders index was 51.5%, down 1.2 percentage points from the previous month, but still above the tipping point, indicating that demand in the non-manufacturing market continues to recover. In terms of sectors, the index of new orders in the construction industry was 54.6%, down 0.6 percentage points from the previous month; and the index of new orders in the service sector was 51.0%, down 1.3 percentage points from the previous month.

The input price index was 53.0%, up 0.1 percentage points from the previous month, indicating that the overall increase in the price of inputs used by non-manufacturing enterprises for business activities has slightly expanded. In terms of sectors, the price index of inputs in the construction industry was 55.0 percent, down 0.2 percentage points from the previous month, while the price index of inputs in services was 52.7 percent, up 0.2 percentage points from the previous month.

The sales price index was 50.1%, up 0.6 percentage points from the previous month and returning above the tipping point, indicating a slight increase in non-manufacturing sales prices as a whole. In terms of sectors, the sales price index of the construction industry was 51.3 percent, down 0.6 percentage points from the previous month, while the sales price index of services was 49.9 percent, up 0.8 percentage points from the previous month.

The employment index was 48.1%, down 0.6 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 56.2 percent, down 1.2 percentage points from the previous month; and the employment index of the service industry was 46.7 percent, down 0.4 percentage points from the previous month.

The expected index of business activity was 62.2 per cent, up 1.9 percentage points from the previous month, indicating that non-manufacturing companies are optimistic about the near-term market recovery. In terms of sub-sectors, the expected index of business activities in the construction industry was 66.3%, down 1.5 percentage points from the previous month, while the expected index of business activities in the service industry was 61.4%, up 2.4 percentage points from the previous month.

III. Operation of China's Comprehensive PMI output Index

In July, the comprehensive PMI output index was 54.1%, down 0.1% from the previous month, indicating that the production and operation of China's enterprises as a whole continued to maintain a momentum of restorative growth.

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