China Manufacturing’s Official November PMI Reaches 51.8% as Market Vitality Grows

China Manufacturing’s Official November PMI Reaches 51.8% as Market Vitality Grows

Dou Shicong

Date: Thu, 11/30/2017 - 19:40 / source:Yicai
China Manufacturing’s Official November PMI Reaches 51.8% as Market Vitality Grows
China Manufacturing’s Official November PMI Reaches 51.8% as Market Vitality Grows

(Yicai Global) Nov. 30 -- The Purchasing Managers’ Index (PMI) of China’s manufacturing industry for November is 51.8 percent, up by 0.2 percentage points on last month and 0.2 percentage points higher than the annual average, with the manufacturing sector maintaining steady growth, data China’s national statistics bureau (NBS) issued today shows.

The figures point to a balanced growth of both the supply and demand in the manufacturing industry, with market vitality further enhanced, said Zhao Qinghe, an analyst at NBS.

The indexes of production and new orders are 54.3 percent and 53.6 percent, respectively, up by 0.9 and 0.7 percentage points over last month. Enterprises have stronger purchasing intention, with a purchasing index of 53.5 percent reaching this year's second-highest level. In terms of different industries, the PMI of equipment manufacturing industry, high-tech manufacturing industry and consumer products industry is 52.9 percent, 53.2 percent and 53.1 percent respectively, consistently higher than the overall level of the manufacturing industry, which is itself pivotal in facilitating economic growth.

NBS also released the PMI for the non-manufacturing industry in November, which is 54.8 percent, up by 0.5 percentage points than that of last month and 0.3 percentage points higher than the annual average. The PMI for producer services highly correlated with the real economy climbed to 61.7 percent, the highest level this year. Sales promotions during the Singles’ Day -- China’s e-commerce ‘Black Friday’ shopping festival -- spurred many industries like wholesale and retail, internet software information technology services, postal express and warehousing to a rapid growth in their business volume, with a PMI significantly higher than the overall level of the service industry, Zhao explained.

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Keywords: Purchasing Managers’ Index, National Bureau of Statistics, Single's Day, Non-Manufacturing Business Activity Index