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PMI Report on China Manufacturing (January 2018)

China’s manufacturing PMI came in at 51.3 in January, falling for two consecutive months. The continuous drop in the PMI indicates a growth moderation in the manufacturing sector in China.

11 of the 13 sub-indices were lower than their respective levels in the previous month. The output and the new orders indices fell by 0.5 pts and 0.8 pts respectively in January, showing that output growth moderated amid a deceleration in the growth of overall new orders in the month.[1] Besides, for the first time in 15 months, the new export orders index fell below the critical 50-mark in January, showing a contraction in new export orders. Also noteworthy is that the input prices index went down by 2.5 pts from the previous month to 59.7 in January, showing that the prices of production inputs have increased at a slower pace recently.

By size of enterprises, the PMI of ‘large enterprises’ came in at 52.6 in January, down from 53.0 in December. The PMI of ‘medium enterprises’ fell to 50.1 in January from 50.4 in December, while the PMI of ‘small enterprises’ dropped slightly to 48.5 in January from 48.7 in December.

The output index was 53.5 in January, down from 54.0 in December. The output index of ‘large enterprises’ went down to 55.3 in January from 56.4 in December; the output index of ‘medium enterprises’ was 52.5 in January, up from 51.8 in December; the output index of ‘small enterprises’ fell to 48.4 in January from 48.8 in December.

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[1] The ‘new orders index’ covers both domestic and export orders. That is to say, the manufacturers are not asked to differentiate between domestic and export orders when filling in questionnaires.

Content provided by Fung Business Intelligence
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