PMI 2021

1. Manufacturing Purchasing Managers Index

In December, the Purchasing Manager Index (PMI) of China's manufacturing industry was 50.3 percent, up 0.2 percentage point from the previous month, higher than the threshold, and the prosperity level of the manufacturing industry continued to rise.

In terms of enterprise scale, the PMI of large and medium-sized enterprises was 51.3 percent, up 1.1 and 0.1 percentage points respectively over the previous month, higher than the threshold; the PMI of small enterprises was 46.5 percent, down 2.0 percentage points from the previous month, lower than the threshold.

From the sub index, among the five sub-indexes constituting the manufacturing PMI, the production index was higher than the threshold, and the new order index, raw material inventory index, employee index and supplier delivery time index were lower than the threshold.

The production index was 51.4 percent, down 0.6 percentage point from the previous month, but higher than the threshold, indicating that manufacturing production maintained expansion.

The new order index was 49.7 percent, up 0.3 percentage point from the previous month, indicating that the manufacturing market demand continued to improve.

The raw material inventory index was 49.2 percent, an increase of 1.5 percentage points over the previous month, indicating that the decline in the inventory of main raw materials in the manufacturing industry was significantly narrowed.

The employment index was 49.1 percent, up 0.2 percentage point from the previous month, indicating that the employment outlook of manufacturing enterprises has rebounded.

The supplier delivery time index was 48.3 percent, which was 0.1 percentage point higher than the previous month, but lower than the threshold, indicating that the delivery time of raw material suppliers in the manufacturing industry slowed down compared with the previous month.

2. Non-manufacturing purchasing managers index

In December, the business activity index of non-manufacturing industry was 52.7 percent, an increase of 0.4 percentage point over the previous month, higher than the threshold, and the recovery of non-manufacturing industry accelerated.

By industry, the business activity index of the construction industry was 56.3 percent, down 2.8 percentage points from the previous month. The business activity index of the service industry was 52.0 percent, up 0.9 percentage point from the previous month. In terms of industry conditions, the business activity indexes of air transportation, telecommunications, radio and television and satellite transmission services, monetary and financial services, capital market services and other financial industries were in the high boom range of more than 60.0 percent; the business activity index of retail, accommodation, real estate, leasing and business services, and residential services was lower than the threshold.

The new order index was 48.4 percent, down 0.5 percentage point from the previous month, lower than the threshold, indicating that the demand in the non-manufacturing market fell. By industry, the new order index of the construction industry was 50.0 percent, down 4.2 percentage points from the previous month; the index of new orders in the service industry was 48.2 percent, up 0.3 percentage point from the previous month.

The input price index was 49.3 percent, down 1.5 percentage points from the previous month, lower than the threshold, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities fell. By industry, the price index of construction inputs was 48.1 percent, an increase of 3.2 percentage points over the previous month; the price index of service inputs was 49.6 percent, down 2.2 percentage points from the previous month.

The sales price index was 48.1 percent, down 2.0 percentage points from the previous month, lower than the threshold, indicating that the overall sales price level of non-manufacturing industry decreased from the previous month. By industry, the sales price index of the construction industry was 51.0 percent, down 1.5 percentage points from the previous month; the sales price index of the service industry was 47.6 percent, down 2.0 percentage points from the previous month.

The employment index was 47.6 percent, an increase of 0.3 percentage point over the previous month, indicating that the employment climate of non-manufacturing enterprises has improved. By industry, the employment index of the construction industry was 51.8 percent, an increase of 0.5 percentage point over the previous month; the index of service industry employees was 46.8 percent, up 0.2 percentage point from the previous month.

The expected index of business activities was 57.3 percent, down 0.9 percentage point from the previous month, still in a high boom range, indicating that most non-manufacturing enterprises maintained confidence in the recent market recovery. By industry, the expected index of business activities in the construction industry was 59.9 percent, an increase of 1.6 percentage points over the previous month; the expected index of business activities in the service industry was 56.9 percent, down 1.3 percentage points from the previous month.

3. Composite PMI Output Index

In December, the comprehensive PMI output index was 52.2 percent, unchanged from the previous month, indicating the overall stable expansion of production and operation activities of Chinese enterprises.