National Bureau of Statistics interprets: Overall economic prosperity level of China has rebounded in September.

On September 30, 2024, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. In response, Zhao Qinghe, a senior statistician at the National Bureau of Statistics Service Industry Survey Center, provided an interpretation. In September, the manufacturing Purchasing Managers' Index was 49.8%, up 0.7 percentage points from the previous month; the non-manufacturing business activity index was 50.0%, down 0.3 percentage points from the previous month; the comprehensive PMI output index was 50.4%, up 0.3 percentage points from the previous month, indicating a general recovery in China's economic sentiment. In September, the comprehensive PMI output index was 50.4%, up 0.3 percentage points from the previous month, continuing to remain in the expansion zone, indicating an overall acceleration in enterprise production and operations in China. The manufacturing production index and non-manufacturing business activity index that make up the comprehensive PMI output index were 51.2% and 50.0% respectively. The original text is as follows: National Bureau of Statistics Service Industry Survey Center's senior statistician Zhao Qinghe interprets China's Purchasing Managers' Index for September 2024 China's overall economic sentiment improved in September - National Bureau of Statistics Service Industry Survey Center's senior statistician Zhao Qinghe interprets China's Purchasing Managers' Index for September 2024 On September 30, 2024, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. In response, Zhao Qinghe, a senior statistician at the National Bureau of Statistics Service Industry Survey Center, provided an interpretation. In September, the manufacturing Purchasing Managers' Index was 49.8%, up 0.7 percentage points from the previous month; the non-manufacturing business activity index was 50.0%, down 0.3 percentage points from the previous month; the comprehensive PMI output index was 50.4%, up 0.3 percentage points from the previous month, indicating a general recovery in China's economic sentiment. I. Manufacturing Purchasing Managers' Index Increases In September, manufacturing production activities accelerated, with the PMI rising to 49.8% and sentiment improving. I. Enterprise production accelerated. The production index was 51.2%, up 1.4 percentage points from the previous month, reaching above the critical point, indicating accelerated manufacturing production activities. The new orders index was 49.9%, up 1.0 percentage points from the previous month. In terms of industries, the production and new orders indices of industries such as pharmaceuticals, automobiles, electrical machinery equipment, and computer communication electronic equipment were in the expansion zone, indicating rapid production and demand releases; the production and new orders indices of industries such as petroleum, coal, and other fuel processing, and black metal smelting and rolling processing were below the critical point for two consecutive months, indicating a slowdown in production and demand. II. PMI Increased for Enterprises of All Sizes. The PMIs for large enterprises increased by 0.2 percentage points to 50.6% from the previous month, indicating a faster expansion pace; the PMIs for medium and small enterprises increased by 0.5 and 2.1 percentage points to 49.2% and 48.5% respectively from the previous month, indicating an overall improvement in economic sentiment. The production indices of large, medium, and small enterprises were in the expansion zone, with the production index of small enterprises rising above the critical point for the first time since May. III. High-tech manufacturing and equipment manufacturing continued to lead. In terms of key industries, the PMIs for high-tech manufacturing and equipment manufacturing were 53.0% and 52.0% respectively, up 1.3 and 0.8 percentage points from the previous month, maintaining a good development momentum; the PMI for the consumer goods industry was 51.1%, up 1.1 percentage points from the previous month, indicating a significant increase in sentiment; the PMI for the energy-intensive industry was 46.6%, up 0.2 percentage points from the previous month. IV. Price indices remain low. The main raw material procurement price index and the ex-factory price index were 45.1% and 44.0% respectively, up 1.9 and 2.0 percentage points respectively from the previous month, still at relatively low levels, indicating that the overall market prices in the manufacturing industry continued to decline due to insufficient effective demand and fluctuations in prices of some commodities, but the decline narrowed. In terms of industries, the main raw material procurement price index and the ex-factory price index of industries such as petroleum, coal, and other fuel processing, and black metal smelting and rolling processing have been at low levels for two consecutive months, with significant fluctuations in overall market prices in these industries recently. II. Non-manufacturing business activity index slightly declined In September, the non-manufacturing business activity index was 50.0%, down 0.3 percentage points from the previous month, positioning it at the critical point. I. Slight decline in service industry sentiment. The service industry business activity index was 49.9%, down 0.3 percentage points from the previous month, slightly below the critical point, with service industry business volume largely unchanged from the previous month. In terms of industries, the business activity indices for industries such as postal services, telecommunications, radio, television, satellite transmission services, internet software, and information technology services, and monetary financial services were all above 55.0%, indicating a high level of sentiment and fast business volume growth; due to the end of the peak travel season and extreme weather conditions such as typhoons affecting some areas, business activity indices for industries such as railway transport, water transport, and cultural sports and entertainment declined significantly, falling into contraction territory. In terms of market expectations, the business activity expectation index was 54.6%, remaining in the positive sentiment zone, with business activity expectations for industries such as postal services, telecommunications, radio, television, satellite transmission services, and monetary financial services all above 60.0%, indicating more optimism about industry development in the near term. II. Slight acceleration in the expansion of the construction industry. The construction business activity index was 50.7%, up 0.1 percentage points from the previous month, continuing its expansion. In terms of market expectations, the business activity expectation index was 53.1%, remaining in the expansion zone. Both civil engineering construction and building installation and decoration industry business activity expectation indices were above 55.0%, indicating strong industry confidence. III. Comprehensive PMI Output Index Continues to Expand In September, the comprehensive PMI output index was 50.4%, up 0.3 percentage points from the previous month, remaining in the expansion zone, indicating an overall acceleration in enterprise production and operational activities in China. The manufacturing production index and non-manufacturing business activity index that make up the comprehensive PMI output index were 51.2% and 50.0% respectively. This article is selected from the "National Bureau of Statistics", GMTEight editor: Li Fo.