The Caixin China General Manufacturing PMI edged up to 49.2 in January 2023 from December's 3-month low of 49.0 but less than market consensus of 49.5. This was the sixth straight month of drop in factory activity, amid sluggish operations after an abrupt shift in COVID policy. Output fell the least in 5 months while a fall in new orders eased. Buying levels dropped at the slowest pace in 3 months; while foreign demand remained weak, falling for the sixth month. Meantime, employment shrank for the 10th month with backlogs of work up for the first time since May 2022. Delivery times improved notably despite logistics had not returned to normal. On inflation, input and output prices diverged for the fourth month running. The rise in input cost was due to elevated cost of raw materials, particularly metals, while output prices fell, on sluggish market activity. Finally, sentiment was at its highest since April 2021, buoyed by hopes of better economic conditions and a rebound in orders. source: Markit Economics

Manufacturing PMI in China averaged 50.04 points from 2011 until 2023, reaching an all time high of 54.90 points in November of 2020 and a record low of 40.30 points in February of 2020. This page provides the latest reported value for - China Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. China Caixin Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on February of 2023.

Manufacturing PMI in China is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Caixin Manufacturing PMI is projected to trend around 51.10 points in 2024 and 50.80 points in 2025, according to our econometric models.

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China Caixin Manufacturing PMI



Related Last Previous Unit Reference
Manufacturing PMI 49.20 49.00 points Jan 2023
Services PMI 48.00 46.70 points Dec 2022
Composite PMI 48.30 47.00 points Dec 2022

China Caixin Manufacturing PMI
In China, the Caixin Manufacturing PMI Purchasing Managers' Index measures the performance of the manufacturing sector and is derived from a survey of private 430 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Actual Previous Highest Lowest Dates Unit Frequency
49.20 49.00 54.90 40.30 2011 - 2023 points Monthly

News Stream
China Manufacturing Shrinks for 6th Month
The Caixin China General Manufacturing PMI edged up to 49.2 in January 2023 from December's 3-month low of 49.0 but less than market consensus of 49.5. This was the sixth straight month of drop in factory activity, amid sluggish operations after an abrupt shift in COVID policy. Output fell the least in 5 months while a fall in new orders eased. Buying levels dropped at the slowest pace in 3 months; while foreign demand remained weak, falling for the sixth month. Meantime, employment shrank for the 10th month with backlogs of work up for the first time since May 2022. Delivery times improved notably despite logistics had not returned to normal. On inflation, input and output prices diverged for the fourth month running. The rise in input cost was due to elevated cost of raw materials, particularly metals, while output prices fell, on sluggish market activity. Finally, sentiment was at its highest since April 2021, buoyed by hopes of better economic conditions and a rebound in orders.
2023-02-01
China Manufacturing Shrinks For 5th Month
The Caixin China General Manufacturing PMI fell to 49.0 in December 2022, the lowest since September and compared with the market consensus of 48.8 as a spike in COVID cases disrupted production. The reading pointed to the fifth straight month of drop in factory activity, with output, new orders, and export sales all declining further. Also, buying activity shrank the most since April, while employment dropped for the 9th month running without sign of a significant rebound, and backlogs of work fell for the third time in four months. Delivery times lengthened for the sixth month running with a solid rate of deterioration. On inflation, input prices rose slightly, due to a rise in some materials, notably metals. However, firms continued to lower their selling prices, in efforts to boost competitiveness and gain new business. Finally, the sentiment was at a 10-month peak, amid anticipation of rising output as the pandemic situation improves.
2023-01-03
China Manufacturing Shrinks for 4th Month
The Caixin China General Manufacturing PMI unexpectedly edged up to 49.4 in November 2022 from 49.2 in October, above market forecasts of 48.9. However, this was the fourth straight month of fall in factory activity, amid a new wave of COVID cases and tough curbs in many parts of the country. Output fell for the third month running output, new orders were under pressure, and foreign sales remained weak. Also, firms cut back on buying activity, contributing to a further drop in staff numbers. Further, there was a deterioration in supplier performance, which fell the most since May. On prices, input cost inflation accelerated slightly while output charges fell slightly. Looking ahead, sentiment was subdued in the context of historical data, but improved to a 3-month high. "The pandemic continued to take a toll on the economy," said Dr. Wang Zhe, an economist at Caixin Insight. "Beijing should further coordinate fiscal and monetary policies to expand domestic demand and boost incomes."
2022-12-01