中国制造业PMI月刊（2025年3月）

China’s manufacturing PMIincreases to 50.5inMarch, indicating a further recovery in the Helen ChinHead William KongManager HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business Bldg Fourof the 13 sub-indices were higher than their respective levels in the previousmonth.For example, the new orders index went up by0.7ptsto aone-yearhigh of51.8inMarch,pointing to a faster expansioninmarket demandlately. The new export orders indexalsoroseby0.4pts to49.0,indicatingthat export demand has reduced ataslowerpace.Against this backdrop, the output indexgained 0.1pts toan11-month By size of enterprises,the PMI of ‘large enterprises’decreasedto51.2 in March from52.5 in February. The PMI of ‘medium enterprises’roseto 49.9 in March from49.2 in The output indexedged upto52.6 in March from52.5 in February.The outputindicesof‘large enterprises’,‘medium enterprises’and‘small enterprises’ allremainedabovethe The new orders indexincreasedto51.8 in March from51.1 in February.The new ordersindicesof ‘large enterprises’and‘medium enterprises’stayed inthe expansionary zone, The new export ordersindexclimbedto49.0 in March from48.6 in February.The newexport orders index of‘largeenterprises’remainedabovethecritical50-mark,registering50.7 in March. Meanwhile, the new export orders indicesof‘medium enterprises’and The backlogs of orders indexdroppedto45.6 in March from46.0 in February.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘smallenterprises’allremainedbelowtheneutral level of 50,registering46.2, 44.9and45.1 The stocks of finished goods indexfellto48.0 in March from48.3 in February.Thestocks of finished goods indicesof‘largeenterprises’, ‘medium enterprises’ and ‘small Thestocks of major inputs indexwent upto47.2 in March from47.0 in February. Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘smallenterprises’ The purchases of inputs indexdeclinedto 51.8 in March from52.1 in February.Thepurchases of inputs indicesof ‘large enterprises’and ‘medium enterprises’stayed intheexpansionary zone, registering52.7and51.8respectivelyinMarch. Meanwhile, the The imports indexwent downto47.5 in March from49.5 in February.Theimportsindicesof‘large enterprises’,‘mediumenterprises’ and‘small enterprises’all stayed The input prices indexdecreasedto49.8 in March from50.8 in February. Theinputpricesindexof‘large enterprises’remainedbelowthecritical 50-mark,registering47.6inMarch.Meanwhile, the input prices indicesof‘medium enterprises’ and‘small Theex-factory prices indexdroppedto47.9 in March from48.5 in February.1Theex-factory prices indicesof‘largeenterprises’,‘mediumenterprises’and‘small The employment indexfellto48.2 in March from48.6 in February.Theemploymentindicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’all stayedin The suppliers’ delivery time indexcame in at50.3 in March, down from51.0 in February.A reading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ The business expectations indexdeclinedto53.8 in March from54.5 in February.2Thebusiness expectations indices of ‘large enterprises’,‘medium enterprises’and ‘small CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is to push forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the national statistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It isjointly published by Every month questionnaires are sent to3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index based on the seasonally adjusted indices for five of the sub-indicators with varying weights: NewOrders