1.China's manufacturing PMI is 49.7%, which marks that the manufacturing prosperity has further improved
In August, the Purchasing Managers' Index (PMI) of manufacturing industry was 49.7%, up 0.4% from last month, which marks the prosperity of manufacturing industry has further improved.
In terms of enterprise size, the PMIs of large, medium and small enterprises were 50.8%, 49.6% and 47.7% respectively, up 0.5%, 0.6% and 0.3% from last month.
The production index was 51.9%, up 1.7% from the previous month, indicating that the expansion of manufacturing production has increased. The new order index was 50.2%, up 0.7% from the previous month, indicating that the manufacturing market demand has improved. The raw material inventory index was 48.4%, up 0.2% from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry continued to drop. The employee index was 48.0%, a slight decrease of 0.1% from last month, indicating that the employment prosperity of manufacturing enterprises was basically stable. The supplier delivery time index was 51.6%, up 1.1% from last month, indicating that the delivery time of raw material suppliers in manufacturing industry was accelerated.
In August, the index of non-manufacturing business activities was 51.0%, down 0.5% from last month, still higher than the critical point, and the non-manufacturing industry continued to expand.
In terms of sector, the business activity index of the construction industry was 53.8%, up 2.6% from the previous month. The business activity index of service industry was 50.5%, down 1.0% from last month. In terms of industry, the business activity index of railway transportation, air transportation, accommodation, catering, telecommunications, radio and television and satellite transmission services, ecological protection and public facilities management, culture, sports and entertainment is positioned in a high boom range of over 55.0%. The business activity index of capital market services, insurance and real estate is lower than the critical point.
The index of expected business activities was 58.2%, down 0.8% from last month, and continued to be in a relatively high boom zone, indicating that non-manufacturing enterprises are optimistic about the recent market recovery and development. In terms of sector, the index of expected construction business activities is 60.3%, down 0.2% from the previous month. The index of expected service business activities was 57.8%, down 0.9% from last month.
2.The opening of service industry injects new impetus into economic development
On September 6th, China International Fair for Trade in Services 2023 (CIFTIS 2023) closed in Beijing, which witnessed 10 summit forums, 102 special forums, 18 side events and 72 promotion negotiations. More than 1,100 results have been achieved in this year’s CIFTIS, and 83 countries and international organizations have set up exhibitions in the name of governments or headquarters. Driven by the high-level open policy, China's service trade has maintained a steady and positive trend, injecting new impetus into promoting the effective improvement of quality and reasonable growth of quantity of economy.
Statistics shows that in the first seven months of this year, China's service trade continued to grow, and the total import and export volume of services increased by 8.1% year-on-year. Among them, the import and export volume of knowledge-intensive services with high added value and technology content increased by 11.7% year-on-year, accounting for 43.2% of the total import and export volume of services.
According to the report "Opening of China's Service Industry in the Changing World" released at this CIFTIS, the opening index of China's service industry in 2022 is 62.3, an increase of 3% over 2018. The increase of the opening index is higher than the global average.
CIFTIS 2023 welcomed more than 2,400 offline exhibitors and 6,700 online exhibitors. The internationalization rate of offline exhibitors exceeds 20%, covering 28 Top 30 countries in service trade.
Statistics shows that in the first half of the year, China's service industry accounted for 56% of GDP and contributed 66.1% to economic growth.
