Manufacturing PMI returns to expansion range, non manufacturing sector gains momentum, China's economic innovation vitality continues to be released

The China Purchasing Managers' Index released by the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing showed that in June, the Purchasing Managers' Index of the manufacturing industry was 50.3%, an increase of 0.3 percentage points from the previous month, returning to the expansion range; The non manufacturing business activity index and the comprehensive PMI output index were 50.2% and 50.6%, respectively, both up 0.1 percentage points from the previous month, indicating a slight recovery in the level of economic prosperity.

In June, the demand in the manufacturing market expanded significantly on the basis of the previous month, with a new order index of 51.2%, an increase of 1.3 percentage points compared to the previous month; Driven by the expansion of demand, the supply side of the manufacturing industry maintained an expansion trend, with a production index of 51.4%, an increase of 0.2 percentage points from the previous month. According to Wen Tao, an expert from the China Logistics Information Center, the rebound in demand in the manufacturing market is mainly supported by domestic demand. Driven by economic policies, industrial planning, and the release of endogenous resilience in super large markets, the domestic market demand has a sustained and positive release foundation, and the overall development momentum of the manufacturing industry is becoming stronger.

The development of high-end manufacturing continues to improve, and its leading role is further enhanced. In June, the PMI for high-tech manufacturing was 53.5%, an increase of 0.6 percentage points from the previous month, significantly higher than the overall manufacturing industry; The PMI for the equipment manufacturing and consumer goods industries were 52.5% and 50.2%, respectively, up 0.4 and 0.5 percentage points from the previous month, indicating an increase in industry prosperity; The PMI for high energy consuming industries was 47.1%, unchanged from last month.

From a quarterly perspective, the average PMI for equipment manufacturing and high-tech manufacturing in the second quarter were 52.1% and 52.9%, respectively, both operating at a good level and significantly higher than the average in the first quarter and the same period last year. At present, both the supply and demand sides of the new driving force in the manufacturing industry are relatively strong, and the expansion momentum continues to accelerate. China's industrial structure continues to improve and optimize. ”Wen Tao stated.

From the perspective of enterprise size, the PMI of large manufacturing enterprises is 50.7%, continuing to expand; The PMI of medium-sized enterprises was 50.5%, an increase of 1.9 percentage points from the previous month, indicating a significant rebound in the economic situation; The PMI for small businesses is 48.2%, indicating a slight decline in the economic outlook.

From the perspective of market expectations, the expected index of manufacturing production and operation activities is 54.3%, an increase of 0.4 percentage points from the previous month, indicating that enterprises have increased their confidence in the market. The expected index of production and operation activities in industries such as specialized equipment, railway ships, aerospace equipment, and electrical machinery and equipment are all in the high prosperity range of over 57.0%, and related enterprises are more optimistic about the development of the industry.

Wen Tao stated that the average PMI of the manufacturing industry in the second quarter was 50.2%, which returned to the expansion range after running in the contraction range for five consecutive quarters, indicating that the stable operation foundation of the manufacturing industry has been effectively consolidated and the positive development trend is tending to strengthen. It is expected that the manufacturing industry will maintain a stable and positive operation in the second half of the year, and is expected to achieve steady expansion of scale and continuous optimization of structure. In terms of scale, policies such as "Six Networks" and "Two New" continue to be implemented and have shown significant effects. The "15th Five Year Plan" outline guides the steady construction of a modern industrial system, which will inject stronger impetus into the operation of the manufacturing industry. In terms of structure, the artificial intelligence related industries will maintain a high level of prosperity, and new industrialization will be promoted in a coordinated manner. New driving forces will continue to rise rapidly, not only supporting the continuous optimization of industrial structure, but also effectively offsetting the pressure of traditional industries slowing down and promoting high-quality development.

In June, the non manufacturing business activity index was 50.2%, an increase of 0.1 percentage points from the previous month, indicating a rebound in the non manufacturing industry's prosperity level.

Among them, the service industry business activity index was 50.4%, an increase of 0.1 percentage points from the previous month. From the perspective of industry, the business activity index of telecommunications, radio and television and satellite transmission services, Internet software and information technology services, monetary and financial services, insurance and other industries are all in a high boom zone of more than 55.0%, and the total business volume is growing rapidly; The business activity index of industries such as air transportation and real estate continues to be below the critical point. The sustained high prosperity of new driving forces related to information services means that China's economic innovation vitality continues to be released, "said Wu Wei, an expert at the China Logistics Information Center.

The business activity index of the construction industry was 49.0%, an increase of 0.2 percentage points from the previous month, indicating a slight rebound in the economic level. The prosperity level of the civil engineering and construction industry has significantly increased compared to last month, with the business activity index rising to over 55%, and the new order index ending its continuous 11 month trend of below 50% and rising to over 51%. "Wu Wei said that with the gradual commencement of reserve projects, the demand for infrastructure related orders is expected to continue to be released, further playing a supporting role in the economy.

He Hui, Vice President of the China Federation of Logistics and Purchasing, believes that in the second quarter, the average non manufacturing business activity index was 49.9%, an increase of 0.2 percentage points from the first quarter, indicating that China's economy is maintaining a stable and upward development pace. In the second half of the year, with the continuous release of policy effectiveness and the gradual strengthening of endogenous market momentum, potential consumption and investment demand will accelerate their transformation into real demand, and China's economy is expected to continue to steadily rise.