On April 30th, the National Bureau of Statistics released the running situation of China's Purchasing Manager Index for April 2025.
According to the Zhitong Finance APP, on April 30, the National Bureau of Statistics released the running status of the Purchasing Managers Index (PMI) in China for April 2025. The data shows that in April, the manufacturing PMI was 49.0%, a decrease of 1.5 percentage points from the previous month, indicating a decline in the manufacturing boom level. In terms of enterprise size, the PMIs for large, medium, and small enterprises were 49.2%, 48.8%, and 48.7% respectively, a decrease of 2.0, 1.1, and 0.9 percentage points from the previous month, all below the critical point.
The original text is as follows:
Running status of the Purchasing Managers Index (PMI) in China for April 2025.
From Statistics Micro News. I. Operations of China's Manufacturing Purchasing Managers' Index Looking at enterprise size, the PMI for large enterprises fell 0.6 percentage points to 50.1% this month compared to last month. The PMIs for medium and small-sized enterprises rose 0.4 and 0.7 percentage points to 49.8% and 47.4% respectively. Analyzing the classification index, amongst the five classification indexes that constitute the Manufacturing PMI, the production index is higher than the baseline while the indexes for new orders, raw material inventory, employment and supplier delivery time are all lower than that baseline. The production index is 50.6%, a decrease of 0.2 percentage points from last month but still higher than the baseline, indicating that manufacturing companies are still in expansion mode. The new order index is 49.5%. A marginal decrease of 0.1 percentage points from last month indicates a slight decline in manufacturing market demand. The raw material inventory index is 47.6%, a decrease of 0.2 percentage points from last month, indicating that stocks of raw materials in major manufacturing companies continue to decrease. The employment index remains steady at 48.1% from last month, indicating that the overall situation for employee hiring within manufacturing companies is stable. The supplier delivery time index is 49.5%, a decrease of 0.6 percentage points from last month, indicating that the delivery times for raw material suppliers have increased compared to last month. II. Operations of China's Non-Manufacturing Purchasing Managers' Index In June, the Business Activities Index for non-manufacturing was 50.5%, a decrease of 0.6 percentage points compared to last month, but still remains above the baseline, indicating that non-manufacturing is still expanding. Looking at it from the various industries, the business activity index for the construction industry decreased 2.1 percentage points to 52.3%, service industry decreased 0.3 percentage points to 50.2%. From the industry perspective, the business activity index for industries such as aviation transportation, postal services, telecommunications broadcasting and satellite transmission services, monetary and financial services, and insurance were all above 55.0%, indicating a higher prosperity range. However, the business activity index of industries such as capital market services and real estate was below the baseline. The new order index is 46.7%, a decrease of 0.2 percentage points from last month, indicating that the demand for non-manufacturing markets has slightly declined. From the perspective of different industries, the new order index of the construction industry was 44.1%, unchanged from last month; the new order index of the service industry was 47.1%, a decrease of 0.3 percentage points from last month. The input price index was 49.6%, a decrease of 0.1 percentage points from last month, indicating that the overall level of input prices for non-manufacturing enterprises has fallen slightly. From the perspective of different industries, the input price index of the construction industry was 51.7%, a decrease of 1.9 percentage points from last month; the input price index of the service industry was 49.3%, an increase of 0.3 percentage points from last month. The sales price index was 47.6%, a decrease of 0.2 percentage points from last month, indicating that the overall level of sales prices for non-manufacturing has continued to fall. From the perspective of different industries, the sales price index of the construction industry was 49%, a decrease of 0.7 percentage points from last month; the sales price index of the service industry was 47.4%, a decrease of 0.1 percentage points from last month. The employment index is 45.8%, a decrease of 0.4 percentage points from last month, indicating a slight decrease in the employment level of non-manufacturing enterprises. From the perspective of different industries, the employment index of the construction industry was 42.9%, a decrease of 0.4 percentage points from last month; the employment index of the service industry was 46.3%, a decrease of 0.4 percentage points from last month. The business activity expectation index is 57.2%, an increase of 0.3 percentage points from last month, and continues to remain in the higher prosperity range, indicating that non-manufacturing enterprises remain optimistic about the market development prospects. From the perspective of different industries, the business activity expectation index of the construction industry was 54.7%, a decrease of 1.6 percentage points from last month; the business activity expectation index of the service industry was 57.6%, an increase of 0.6 percentage points from last month. III. Operations of China's Comprehensive PMI Output Index In June, the Comprehensive PMI output index decreased by 0.5 percentage points to 50.5% compared to last month, but remains higher than the baseline, indicating that overall production and operation activities in China's businesses continue to expand.
In April, the manufacturing Purchasing Managers Index (PMI) was 49.0%, a decrease of 1.5 percentage points from the previous month, indicating a decline in the manufacturing boom level.
In terms of company size, the PMI for large, medium, and small enterprises is 49.2%, 48.8%, and 48.7% respectively, down 2.0, 1.1, and 0.9 percentage points from last month, all below the critical point.
From the classification index perspective, among the five classification indices that constitute the Manufacturing PMI, the supplier delivery time index is above the critical point, while the production index, new order index, raw material inventory index and employment index are all below the critical point.
The production index is 49.8%, down 2.8 percentage points from last month, indicating a slight slowdown in production among manufacturing enterprises.
The new order index is 49.2%, down 2.6 percentage points from last month, indicating a decline in market demand within the manufacturing sector.
The raw material inventory index is 47.0%, down 0.2 percentage points from last month, indicating a decrease in the inventory levels of major raw materials in the manufacturing sector compared to last month.
The employment index is 47.9%, down 0.3 percentage points from last month, indicating a decline in the employment boom within manufacturing enterprises.
The supplier delivery time index is 50.2%, down 0.1 percentage points from last month, still above the critical point, indicating that the delivery time of raw material suppliers in manufacturing continues to speed up.
II. Operations of China's Non-Manufacturing Purchasing Managers' Index In June, the Business Activities Index for non-manufacturing was 50.5%, a decrease of 0.6 percentage points compared to last month, but still remains above the baseline, indicating that non-manufacturing is still expanding.
In April, the non-manufacturing Business Activity Index was 50.4%, a decrease of 0.4 percentage points from the previous month, still above the critical point, indicating that the non-manufacturing sector continues to expand.
By industry, the Business Activity Index for the construction industry was 51.9%, down 1.5 percentage points from the previous month; the Business Activity Index for the service industry was 50.1%, down 0.2 percentage points from the previous month. In terms of industry, the Business Activity Index for Aviation Transportation, Telecommunications Broadcasting - TV and Satellite Transmission Services, Internet Software and Information Technology Services, Insurance, and other sectors are all in a higher prosperity Range of over 55.0%; the Business Activity Index for sectors such as water transportation and Capital Markets services are below the critical point.
The new Order Index was 44.9%, down 1.7 percentage points from the previous month, indicating a decline in market demand for non-manufacturing. By industry, the new Order Index for the construction industry was 39.6%, down 3.9 percentage points from the previous month; the new Order Index for the service industry was 45.9%, down 1.2 percentage points from the previous month.
The price index of inputs is 47.8%, down 0.8 percentage points from last month, indicating that the overall level of input prices for non-manufacturing enterprises is lower than last month. By industry, the price index of inputs in the construction industry is 47.5%, down 2.0 percentage points from last month; the price index of inputs in the service industry is 47.9%, down 0.5 percentage points from last month.
The sales price index is 46.6%, down 0.1 percentage points from last month, indicating that the overall level of sales prices in the non-manufacturing sector has declined. By industry, the sales price index in the construction industry is 47.2%, down 0.3 percentage points from last month; the sales price index in the service industry is 46.5%, down 0.1 percentage points from last month.
The employment index is 45.5%, down 0.3 percentage points from last month, indicating a slight decline in the employment atmosphere of non-manufacturing enterprises. By industry, the employment index in the construction sector is 37.8%, down 3.6 percentage points from last month; the employment index in the service sector is 46.8%, up 0.3 percentage points from last month.
The business activity expectation index is 56.0%, down 1.2 percentage points from last month, still within a high prosperity range, indicating that most non-manufacturing enterprises remain optimistic about market development. By industry, the business activity expectation index in the construction sector is 53.8%, down 1.5 percentage points from last month; the business activity expectation index in the service sector is 56.4%, down 1.1 percentage points from last month.
III. Operations of China's Comprehensive PMI Output Index In June, the Comprehensive PMI output index decreased by 0.5 percentage points to 50.5% compared to last month, but remains higher than the baseline, indicating that overall production and operation activities in China's businesses continue to expand.
In April, the composite PMI output index is 50.2%, down 1.2 percentage points from last month, continuing to be above the threshold, indicating that production and operational activities of enterprises in China are still expanding.
This article is excerpted from the official website of the National Bureau of Statistics, edited by Chen Xiaoyi from Zhitong Finance.
