Manufacturing index rebounded significantly

In August 2016, the China Industrial Composite Index (hereinafter referred to as ICI) was 49.1%, up 1.6 percentage points from the previous month, indicating that the overall situation of the industrial economy operation was getting better; the ICI manufacturing index was 51.1%, up 1.2 from the previous month. Percentage point, back above the equilibrium line, indicates that the economic operation entered the expansion zone; the benefit status index was 50.1%, up by 0.7 percentage points month-on-month, indicating that the overall benefit status of industrial enterprises rose, breaking the equilibrium line, and the overall industrial economy tends to turn for the better; ICI expected development index It was 50.4%, up 2.3% from the previous month, indicating that the company’s confidence in the development of the market has increased and the market outlook is promising. The ICI business environment index was 48.4%, up 0.5% from the previous month, indicating that with the continuous improvement of the market environment, companies The overall operating environment continued to improve, with the tax burden index at 50.5%, which was a decrease of 0.6% from the previous period, indicating that the tax burden of enterprises was reduced.
Good production trend
In August, the production condition index was 47.1%, which was 2.8 percentage points higher than the previous month. With the overall economic strength in the third quarter, the overall market demand increased accordingly, and the production status of enterprises improved.
Specifically, the output index was 49.7%, which was a 1.4% increase from the previous quarter, indicating that companies continued to expand production; the sales index was 49.7%, which was a 2% increase from the previous month. With the continuous depletion of demand side inventory and the continuous improvement of the market, The overall demand increased and the product sales increased accordingly; the ex-factory price index was 38.8%, an increase of 3.3% compared to the previous quarter, indicating that with the overall improvement of the market, the sales price also rose, but we should see that the price index is far lower. The balance line indicates that the company is still dissatisfied with the current sales price of the product.
Business benefits improve
In August, the benefit status index was 50.1%, up by 0.7 percentage point from the previous month. The external sales of enterprises saw a boom in purchases and sales, and volume and price rose. As a result, the overall performance of industrial enterprises improved and broke through the equilibrium line. Satisfactory state.
Specifically, in August, the profit index was 49%, which was a 0.4% increase from the previous quarter, indicating that the increase in product prices had a positive impact on corporate profits; the cost index was 54.1%, a decrease of 0.7 percentage point from the previous quarter, indicating that raw material prices were As a result, most of the product cost prices rose. As a result, the overall cost level of the company increased; the finished goods inventory index was 53.6%, which was a 3% increase from the previous month, indicating that the early-stage companies had achieved destocking and the company’s inventory was currently declining. To achieve more satisfactory results.
Business environment is getting better
In August, the operating environment index was 48.4%, up 0.5 percentage points from the previous month, indicating that as the overall market continues to regulate and the behavior of each corresponding market entity continues to be constrained, the market's overall operating conditions are gradually improving.
Specifically, in August, the tax burden index was 50.5%, a decrease of 0.6% from the previous month. With the government's various tax reduction measures in place, corporate tax burdens gradually declined, and the index continued to be above the Yurong line, indicating that companies are currently paying taxes. The negative burden situation was relatively satisfactory; the financing difficulty index was 38.5%, a decrease of 0.4 percentage points from the previous quarter, indicating that the current national financial policy did not successfully guide the funds into the real economy, and that the financial sector in the supply-side reform was a one-size-fits-all limit for overcapacity industry companies. Loan reluctance measures, the company's financing situation is becoming more and more difficult; the market order index was 51.8%, up 1.5 percentage points from the previous month, indicating that as the government continues to strengthen the management of the entire market environment, the company’s market order is also gradually improving , and the index continued above the Yurong line, indicating that the company is more satisfied with the current market environment.
Expected growth confidence
In August, the expected development index was 50.4%, which was a 2.3% increase from the previous month, indicating that the overall economic environment facing the company has changed significantly from last month, and the overall economy has gradually improved and entered an upward path. Therefore, companies are optimistic about the market outlook. With increased confidence, it is expected that the development confidence index will stop rising and rise.
Specifically, in August, the pre-judgment index for future operating conditions was 61.7%, up 3.2% from the previous month, indicating that the company was confident in its future operating conditions; the order quantity index was 53.6%, up 3.6 percentage points from the previous month. This shows that the market will increase its orders in the future and future market demand will increase. Future R&D investment will be 50.3%, up 1.4% from the previous month. As market demand continues to rise, companies will increase investment in future R&D investment.
Steady economic operation
In August, the ICI manufacturing index was 51.1%, up 1.2% from the previous month; in August, the PMI was 50.4%, up 0.5% from the previous month, and it was the most obvious increase this year. The trend of ICI and PMI is consistent, and both are above the equilibrium line, indicating that the current positive changes in economic operations are significant, both the supply and demand in the market rebound, corporate confidence has increased, expectations are improving, and the overall trend has been steadily increasing.
In August, the economy showed five major characteristics: production maintained steady and moderate growth, market demand picked up, supply and demand conflicts eased, supply-side reforms continued to advance, structural adjustments were more effective, corporate procurement activities accelerated, and business confidence increased. The performance of the index reflects that both domestic and international demand are showing signs of picking up. Market prices have risen in linkages and the increase has increased. Confidence in business has further increased, and production activities have resumed further. This indicates that economic growth has begun to show signs of declining steadily.
As policies and measures to support real economy development have been put in place with the expansion of demand, economic stability, and improvement of corporate profits, they have gradually become effective. September and October are the peak seasons of the market and they are known as the “Golden 9 Silver 10”. In addition to stabilizing the economy in order to expand demand, the country has introduced relevant policies and measures, and it is expected that market demand will remain stable and increase. On the whole, the steady economic growth in the third quarter is expected to become even more apparent, and steady and positive development will continue to develop in depth. What needs attention is to prevent the strong rebound of upstream product prices in the process of economic stabilization and recovery, which will increase the cost pressure on the company.

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