China Caixin Manufacturing PMI2011-2021 Data | 2022-2023 Forecast | Calendar

The Caixin China General Manufacturing PMI fell to 51.3 in June 2021 from 52 in May, below market estimates of 51.8. This was the lowest reading in three months, amid the recent uptick in local COVID-19 cases and supply chain difficulties. Output rose the least since March 2020, new order growth eased to a three-month low, and export sales were broadly stagnated. Meantime, the rate of job creation was the second-strongest since January 2013; while backlogs of work rose for the fourth month in a row. On the price front, inflationary pressures eased, with input prices rising the least in seven months while selling prices increasing at the slowest pace since February. Finally, the degree of optimism was unchanged from May's four-month low. "In the second half of this year, the low base effect from last year will weaken. Inflationary pressure is still a serious challenge for China,” said Wang Zhe, senior economist at Caixin Insight Group.

The Caixin China General Manufacturing PMI unexpectedly was at a five-month high of 52.0 in May 2021, compared with market consensus and April's figure of 51.9, amid a steady recovery of the Chinese economy from the pandemic. New orders rose the most since December 2020, export order growth was at a six-month high, and output continued to rise. Also, buying activity increased solidly, amid sustained improvement in customer demand. Meantime, employment was broadly unchanged while backlogs of work rose for the third month in a row. On the price front, input cost inflation hit its highest since December 2016 due to higher raw material costs. Meantime, selling prices went up at the steepest rate in over a decade. Looking ahead, sentiment fell to a four-month low. "Rapidly rising commodity prices began to disrupt the economy as some enterprises began to hoard goods, while some others suffered raw material shortages," said Wang Zhe, senior economist at Caixin Insight Group.

The Caixin China General Manufacturing PMI rose to a four-month high of 51.9 in April 2021 from 50.6 a month earlier and beating market estimates of 50.8. Both output and new orders rose the most since last December, while exports sales grew for the second month in a row with the pace of expansion picking up. Aso, employment rose after shrinking for four months in a row, and buying levels grew the most in four months. Meantime, suppliers’ delivery times fell deeper into negative territory, amid logistical delays. Prices data showed that higher raw material costs led to a steeper increase in input prices, which were generally passed on to clients in the form of higher charges. Lastly, sentiment remained upbeat, despite the reading was at a three-month low. "In the coming months, rising raw material prices and imported inflation are expected to limit policy choices and become a major obstacle,” said Wang Zhe, senior economist at Caixin Insight Group.

The Caixin China General Manufacturing PMI unexpectedly fell to 50.6 in March 2021 from 50.9 a month earlier and missing market expectations of 51.3. This was the lowest reading since April 2020, indicating the post-epidemic recovery faltered. Both output and new orders grew at softer rates while employment moved closer to stabilization. Meanwhile, the measure for stocks of purchased items remained in negative territory for the third straight month, and the measure for quantity of purchases plunged into a contraction. The gauge for suppliers’ delivery times increased, though it was still in negative territory. On the price front, inflationary pressures intensified, with both input costs and output charges rising at steeper rates. Meantime, export sales returned to growth as foreign demand improves amid an acceleration in global COVID-19 vaccinations. Finally, the level of positive sentiment was among the highest seen over the past seven years.