In March, China's manufacturing PMI was 50.1, which was a 0.2 percentage point increase from the previous month and returned to the expansion range.
HSBC Manufacturing PMI final value of 49.6 in March, before the initial value of 49.2, the previous value of 50.7.
In March, the official PMI of China's manufacturing industry and the HSBC PMI deviated. The official PMI rose by 0.2%, while the HSBC PMI fell 1.1%. The official PMI indicator returned above the 50-point boundary, while the HSBC PMI indicator fell below the Yu-wing line. Official data shows that the manufacturing industry has stabilized in the short term.
In terms of end-user demand, domestic demand was basically stable, external demand declined slightly, overall demand for orders fell slightly, and the rate of destocking of finished goods inventory slowed down. The official new orders index was 50.2, down by 0.2 percentage points;
HSBC's new orders index was 49.8, down 1.4%. The official new export orders index was 48.3, down by 0.2 percentage points, while HSBC's new export order index was 49.8, up 1.3 percentage points. The recovery momentum of the recent major world economies is still weak, and the pattern of stable domestic demand and relatively weak external demand will continue in the short term. The official finished goods inventory index rose by 1.6 percentage points to 48.6, indicating that the reduction in finished product inventories has slowed down. With respect to production start-up and procurement stocking, production activities have accelerated, and their enthusiasm has been strong. Procurement stocking remains sluggish but there are signs of improvement. The official production index of 52.1, an increase of 0.7 percentage points, maintained its expansion; the HSBC production index was 51.3, down 0.4 percentage points. Based on official data, the enterprises started to concentrate after the Spring Festival, and production and business activities were accelerated. The official purchase volume index is below the 50-point limit, indicating that corporate procurement and stocking activities are sluggish. The price index continues to fall below 50, and the deflation of industrial prices is difficult to change. The official raw material purchase price index rose by 1.1 percentage points to 45; HSBC invested 45.2, and the ex-factory price index was 47.3, which rose by 2.3 and 1 percentage point respectively, and the decline rate narrowed. The three price indicators are in a state of decline below the 50-point boundary, reflecting that most companies are in a state of declining prices or flat, and the deflation of industrial prices is difficult to change. In terms of employment, the official employee index rose by 0.6 percentage point to 48.4, and the HSBC employee index dropped by 2.4 percentage points to 47.4.
There is currently no clear evidence to reflect the deterioration of the employment problem.
The PMI for large companies is 51.5, which is still the main force for stabilizing the official PMI; the PMI for medium-sized companies is 49.4, which has declined, reflecting the recent decline in the operating activities of medium-sized enterprises; the PMI for small-sized enterprises is 48.1, which has further declined, indicating that the small-scale enterprises are in the industrial structure. The difficulties facing the adjustment process are still severe and the situation is not optimistic.
Overall, due to the impact of post-holiday business operations, accelerated production activities, narrower commodity price declines, and the effects of previous steady growth policies, the manufacturing PMI rebounded slightly in March, reflecting the fact that the manufacturing downturn has stabilized. However, the underlying factors that have constrained the momentum of manufacturing expansion have not changed fundamentally. The short-term improvement of the manufacturing industry remains to be observed. In the future, economic growth will continue to be weighed down and further stimulus measures will be required to provide economic support.
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