According to the National Bureau of Statistics, in September 2019, the China Manufacturing Purchasing Managers Index (PMI) was 49.8%, up 0.3 percentage points from the previous month. Although it is still below the glory line, the overall economy has improved from last month.

From the classification index, among the five sub-indices that constitute the manufacturing PMI, the production index, the new order index and the supplier delivery time index are above the critical point, and the raw material inventory index and the employee index are below the critical point. The production index was 52.3%, up 0.4 percentage points from the previous month, above the critical point, indicating that manufacturing expansion has accelerated. The new order index was 50.5%, up 0.8 percentage points from the previous month and rising above the critical point, indicating an increase in orders for manufacturing products. The raw material inventory index was 47.6%, a slight increase of 0.1 percentage points from the previous month. It was below the critical point, indicating that the decline in the main raw material inventory of the manufacturing industry was slightly narrowed. The employee index was 47.0%, a slight increase of 0.1 percentage points from the previous month. It was below the critical point, indicating that the decline in the employment of manufacturing enterprises was narrowed. The supplier's delivery time index was 50.5%, up 0.2 percentage points from the previous month and above the critical point, indicating that the lead time of manufacturing raw material suppliers has accelerated.

According to the interpretation of relevant experts, the main features: First, the expansion of production demand. The new order index rose to the expansion range for the first time since May. Production activities have accelerated, with manufacturing production indices such as textiles and apparels being located at a higher economic range of 55.0%. Second, the foreign trade situation has improved. The new export order index was 48.2%, up 1.0 percentage points from the previous month. The import index was 47.1%, up 0.4 percentage points from the previous month. The third is the continued expansion of high-tech manufacturing. The high-tech manufacturing PMI was 51.3%, which was 1.5 percentage points higher than the manufacturing PMI. It was located in the 51.0% boom period for 8 consecutive months. In terms of demand, the high-tech manufacturing new order index was 53.3%, up 0.9 percentage points from the previous month, and the market expectation is improving. Fourth, the prosperity of large, medium and small enterprises has risen to varying degrees. The PMI of large enterprises was 50.8%, which was 0.4 percentage points higher than that of the previous month, and the pulling effect on the recovery of the manufacturing industry was prominent. The PMI for small and medium-sized enterprises was 48.6% and 48.8%, up 0.4 and 0.2 percentage points respectively. From the production situation, the production index of large, medium and small enterprises has increased from the previous month, and this month is all located in the expansion range. Fifth, corporate confidence has increased. With a series of policy measures to support the development of the real economy, the expected index of manufacturing operations of manufacturing enterprises increased by 1.1 percentage points qoq to 54.4%, the third quarter high.

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