The China Manufacturing Purchasing Managers' Index (PMI), released in February 2013 by the China Federation of Logistics and Purchasing and the National Bureau of Statistics Service Industry Survey Center, stood at 50.1%, a slight decline of 0.3 percentage points from the previous month. While most of the key sub-indices also showed a downward trend, this drop was largely attributed to seasonal factors associated with the Spring Festival, and the overall fluctuation remained within historical norms. At present, industrial production remains relatively stable, and business sentiment among enterprises is still positive. In general, the economy continues to operate within a stable range.
In response to the survey results, analyst Zhang Liqun noted that the PMI's slight decline in February followed the trend from January, suggesting that economic growth is transitioning from a rebound to a more stable phase. The new orders and export orders indices continued to fall, indicating a slowdown in order levels. However, the expected index for production and operations rose, while the purchase price index declined, signaling a shift in market expectations. Despite the drop, demand growth remained steady when adjusting for seasonal effects, and the export growth rate stayed at a two-digit level. These indicators suggest that the overall economic growth is unlikely to experience a sharp decline.
Looking at the new orders index, it fell to 50.1% in February, down 1.5 percentage points from the previous month. Among the industries, 11 sectors—including ferrous metal smelting and rolling, special equipment manufacturing, and non-ferrous metal smelting—reported figures above 50%, while 10 industries such as wood processing, textiles, and agricultural food processing recorded below 50%. Regionally, the central region had the highest reading, while the eastern, western, and northeastern regions were below 50%. Large enterprises performed better than medium and small ones.
The production index dropped slightly to 51.2%, a 0.1 percentage point decrease from January. Nine industries, including chemical raw materials and non-ferrous metal smelting, reported above 50%, while 12 others, such as wood processing and textile manufacturing, were below 50%. Again, the central, western, and northeastern regions saw higher readings than the eastern part. Large enterprises outperformed smaller firms in terms of production activity.
The import index fell to 48.1%, down 1 percentage point from the prior month. Nine industries, including food and beverage refining and pharmaceuticals, reported above 50%, while 12 sectors, such as wood processing and textile manufacturing, recorded below 50%. Similarly, the new export orders index declined to 47.3%, down 1.2 percentage points. Several industries, including ferrous metal smelting and chemical manufacturing, remained above 50%, but many others, such as furniture and textile manufacturing, were below the threshold.
The raw material inventory index decreased to 49.5%, down 0.6 percentage points from the previous month. Eleven industries, including chemical fiber and rubber plastics, reported above 50%, while 10 others, such as agricultural food processing and textiles, remained below 50%.
The purchase price index fell to 55.5%, down 1.7 percentage points from January. Only two industries—non-metallic minerals and computer/electronics manufacturing—were below 50%, with the rest reporting above 50%. Ferrous metal smelting and petroleum refining sectors had the highest readings, exceeding 60%.
Expectations for production and operations rose sharply to 64.6%, up 8.7 percentage points from the previous month. All 21 industries reported above 50%, with over 70% of responses in the automotive and electrical machinery sectors showing optimism.
The PMI survey provides a comprehensive view of the manufacturing sector. It is based on monthly surveys of purchasing managers across 31 major industries, covering areas such as procurement, production, and distribution. The survey sample expanded from 820 to 3,000 companies in 2013, ensuring broader representation. The data is seasonally adjusted to account for fluctuations due to holidays and other periodic factors.
The PMI composite index is calculated using five key sub-indices: new orders (30%), production (25%), employment (20%), supplier delivery time (15%), and raw material inventory (10%). The supplier delivery time index is inverted during calculation. This approach allows for a more accurate reflection of economic trends.
Regionally, the survey divides the country into four zones: the eastern region includes Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, and Hainan; the central region includes Shanxi, Anhui, Jiangxi, Henan, Hubei, and Hunan; the western region includes Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang; and the northeastern region includes Liaoning, Jilin, and Heilongjiang.
Overall, the February 2013 PMI data reflects a stable economic environment, with only minor fluctuations influenced by seasonal factors. The outlook for the manufacturing sector remains cautiously optimistic.
Stainless Steel Bolt,stainless bolts,stainless steel bolts
JIANGSU CHENG AO METAL TECHNOLOGY CO., LTD , https://www.chengaostainlesssteel.com