China's Manufacturing PMI Rebounded for The First Time in 5 Months

According to data jointly released by the Service Industry Survey Center of the National Bureau of Statistics of China and the China Federation of Logistics and Purchasing, in September, the Purchasing Managers' Index (PMI) of the manufacturing industry was 49.8%, up 0.7 percentage points from the previous month, which was the first recovery trend in the past five months. 

In terms of enterprise scale, the PMIs of large, medium and small enterprises were 50.6%, 49.2% and 48.5% respectively, up 0.2, 0.5 and 2.1 percentage points from the previous month.

The new order index was 49.9%, up 1.0 percentage points from the previous month, indicating that the market demand for manufacturing has improved. The raw material inventory index was 47.7%, up 0.1 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry has narrowed slightly. The employment index was 48.2%, up 0.1 percentage points from the previous month, indicating that the employment of manufacturing enterprises has recovered slightly. The supplier delivery time index was 49.5%, down 0.1 percentage points from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry continued to extend.

Zhang Liqun, a special analyst at the China Federation of Logistics and Purchasing, said that the rebound in the manufacturing PMI index in September was due to certain seasonal factors and also showed that China's economy was beginning to stabilize. The production index, new order index and price index rebounded, reflecting that the production and operation activities of enterprises have recovered.