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I. Operation of China's Manufacturing Purchasing Managers Index

In March 2019, China's manufacturing purchasing managers' index (PMI) was 50.5 percent, up 1.3 percentage points from the previous month, returning to above the critical point.

In terms of enterprise size, the PMI of large enterprises was 51.1 per cent, down 0.4 percentage points from the previous month and above the threshold, while the PMI of small and medium-sized enterprises was 49.9 per cent and 49.3 per cent, up 3.0 and 4.0 percentage points respectively from the previous month.

From the perspective of the sub-index, among the five sub-indices that make up the manufacturing PMI, the production index, the new order index and the supplier delivery time index are higher than the critical point, and the raw material inventory index and the employee index are lower than the critical point.

The production index was 52.7 per cent, up 3.2 percentage points from the previous month, returning to above the critical point, indicating that manufacturing activity has accelerated as enterprises have concentrated on starting work after the Spring Festival.

The new orders index was 51.6 per cent, up 1.0 percentage points from the previous month and above the critical point for two consecutive months, indicating continued growth in demand in the manufacturing market.

The raw material inventory index was 48.4 per cent, up 2.1 percentage points from the previous month and still below the critical point, indicating that the inventory of major raw materials in the manufacturing industry has decreased, but the decline has narrowed.

The employment index was 47.6 per cent, up 0.1 percentage points from the previous month and below the tipping point, indicating a slight narrowing of the decline in labor employed by manufacturing enterprises.

The supplier delivery time index was 50.2 per cent, up 0.4 percentage points from the previous month and above the threshold, indicating that the delivery time of manufacturing raw material suppliers was faster than the previous month.

　　II. Operation of China's non-manufacturing purchasing managers' index

In March 2019, China's non-manufacturing business activity index was 54.8 percent, up 0.5 percentage points from the previous month, indicating that the non-manufacturing sector as a whole maintained steady and rapid growth.

In terms of different industries, the business activity index of the service industry was 53.6, a slight increase of 0.1 percentage points from the previous month, and the service industry was operating stably. From the perspective of industry categories, the business activity index of railway transportation, loading and unloading, handling and storage, postal industry, telecommunications, radio and television and satellite transmission services, Internet software information technology services, monetary and financial services, capital market services and insurance industry is located in the relatively high boom range of more than 57.0, with rapid growth in total business volume and more active business activities. The business activity index of accommodation and real estate industries is below the critical point, and the total business volume has fallen. The business activity index of the construction industry was 61.7, up 2.5 percentage points from the previous month, returning to the high boom range.

The index of new orders was 52.5 per cent, up 1.8 percentage points from the previous month and above the critical point, indicating a month-on-month increase in product orders for non-manufacturing enterprises. By industry, the service industry new orders index was 51.5, up 1.0 percentage points from the previous month, above the critical point; the construction industry new orders index was 57.9, up 5.9 percentage points from the previous month, rising to a higher boom range.

The input price index was 52.5 per cent, down 0.2 percentage points from the previous month and above the tipping point, indicating a slight narrowing of the overall increase in the price of inputs used by non-manufacturing enterprises for business activities. In terms of industries, the service industry input price index was 52.2, down 0.3 percentage points from the previous month; the construction industry input price index was 54.0, up 0.4 percentage points from the previous month.

The sales price index was 51.0 per cent, up 0.9 percentage points from the previous month and above the critical point, indicating that the overall level of non-manufacturing sales prices continued to rise. In terms of industries, the sales price index of the service industry was 50.6 per cent, up 0.8 percentage points from the previous month, while the sales price index of the construction industry was 53.2 per cent, up 1.5 percentage points from the previous month.

The employment index was 48.7 per cent, up 0.1 percentage points from the previous month and below the critical point, indicating a month-on-month decrease in non-manufacturing enterprise employment. In terms of industries, the service industry employment index was 47.8, the same as the previous month; the construction industry employment index was 54.1, an increase of 0.9 percentage points from the previous month.

The business activity expectation index was 61.1 per cent, down 0.4 percentage points from the previous month and still in the high boom range, indicating that non-manufacturing companies are optimistic about market development expectations. In terms of industries, the expected index of business activities in the service industry was 60.3 per cent, down 0.3 percentage points from the previous month, while the expected index of business activities in the construction industry was 65.7 per cent, down 1.0 percentage points from the previous month.

　　III. Operation of China's composite PMI output index

In March 2019, the composite PMI output index was 54.0 percent, up 1.6 percentage points from the previous month, indicating that the overall expansion of production and business activities of Chinese enterprises accelerated.