Xinhua News Agency, Beijing, August 3rd (Reporters Liu Zhang and Zhou Yingfeng) - Information released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing on August 3rd shows that the national manufacturing Purchasing Managers' Index (PMI) for July was 53.3%, 0.1 percentage points higher than the previous month.
This is the fifth consecutive month that the PMI has been above the critical point of 50%, which separates economic expansion from contraction, and it has generally stabilized around the level of 53%. The China Federation of Logistics and Purchasing stated that this indicates an increasingly clear trend of overall stabilization and improvement in China's manufacturing economy.
The PMI is one of the leading indicators of macroeconomic conditions. Due to the impact of the international financial crisis, China’s PMI plummeted sharply in the second half of last year, falling to 38.8% in November. It began to recover from December and surpassed the critical point in March, reaching 52.4%.
According to the survey, in July, both the production index and new orders index of the PMI have been above the critical point for six consecutive months, indicating a gradual recovery in China's manufacturing production since February and a gradual warming of market demand; the employment index has been above the critical point for two consecutive months, showing an increase in labor demand in the manufacturing sector, but companies remain cautious about hiring; the main raw materials purchase price index has climbed for three consecutive months after rising back above the critical point.
The PMI is jointly surveyed by the National Bureau of Statistics and the China Federation of Logistics and Purchasing, with a sample size of around 730, covering 30 manufacturing industries across 31 provinces.
Disclaimer: This article is reprinted from Sina's partner media. Sina.com publishes this article for the purpose of providing more information, which does not imply agreement with its views or confirmation of its descriptions. The content is for reference only and does not constitute investment advice. Investors who act based on this do so at their own risk.
Related thematic articles:
- Wen Jiabao: The investigation and handling of the 7-23 accident should be open and transparent.
- National Bureau of Statistics: This year's grain sown area slightly increased to reach 110.28 million hectares.
- Real estate market policies will not undergo major adjustments; efforts are being made to boost consumption.