China Caixin Manufacturing PMI2011-2020 Data | 2021-2023 Forecast | Calendar

The Caixin China General Manufacturing PMI fell to 53 in December of 2020 from a decade-high of 54.9 in November, pointing to a robust growth in manufacturing activity although below market consensus of 54. Output and new orders rose at a softer pace, with firms taking a more cautious approach to employment as staff numbers were broadly stagnant. Also, buying levels increased the least since August. Stocks of purchased items, meantime, rose slightly while inventories of finished goods were broadly stable. Input prices went up the most since December 2017, while output prices rose to the highest level since June 2018. Looking ahead, sentiment remained solid. "We expect the economic recovery in the post-epidemic era to continue for several months, and macroeconomic indicators will be stronger in the next six months," said Wang Zhe, senior economist at Caixin Insight Group.

The Caixin China General Manufacturing PMI rose to 54.9 in November 2020 from 53.6 in October and beating market estimates of 53.5. This was the seventh straight month of growth in factory activity and the strongest since November 2010, as the post epidemic economic recovery continued to pick up speed. Both output and new orders rose at the fastest rate in a decade, employment grew the most since May 2011 and new orders rose further. Also, buying levels increased at the steepest pace since the start of 2011, with stocks of purchases rising the most since February 2010. At the same time, capacity pressures persisted, with the rate of backlog accumulation being the quickest since April. Meanwhile, the active market led to longer delivery times from suppliers. On the price front, the gauges for input and output prices rose further into expansionary territory. Looking ahead, sentiment remained strongly positive, despite easing slightly since October.

The Caixin China General Manufacturing PMI rose to 53.6 in October 2020, better than market consensus and September's figure of 53.0. The latest reading pointed to the sixth straight month of growth in factory activity, and the strongest since January 2011, as the post-coronavirus manufacturing recovery continued to pick up speed. Both output and new orders grew by the most in nearly a decade, while new export sales softened notably amid a resurgence of coronavirus cases across a number of export markets. Employment grew for the second month in a row, though firms were cautious about hiring. On the price front, input costs rose at a slower pace, while the rate of charge inflation quickened from September, indicating that enterprises’ profitability improved marginally. Finally, business confidence hit its highest level since August 2014.

The Caixin China General Manufacturing PMI was little-changed at 53.0 in September 2020, slightly below market consensus of 53.1, indicating factory activity maintained its recovery momentum in the wake of the COVID-19 epidemic. New orders grew the most since early 2011, with new export business expanding at the fastest rate since August 2017, while purchasing activity advanced at the quickest pace since January 2011. At the same time, employment stabilized ending an eight-month period of job shedding. On the price front, firms reported a further marked increase in input costs but raised their selling prices only slightly. Looking ahead, business sentiment improved to a three-month high. "The economic recovery has picked up its pace after the epidemic. In the near future, great uncertainties remain about the overseas pandemic and the US presidential election," said Wang Zhe, senior economist at Caixin Insight Group.