In March 2018, China's industrial composite index stood at 52.3%, and its economy was running well.
In March 2018, China's industrial composite index (hereinafter referred to as ICI) was 52.3%, a percentage point higher than the previous year, and the ICI index rose as scheduled, indicating a good momentum of economic operation. With the disappearance of the influence of the Spring Festival factors, the characteristics of steady economic growth become more obvious.
The index of production status is 58.0%, rising by 3.0 percentage points annually, indicating that the characteristics of active production and operation are more distinct. The fall of the index during the Spring Festival belongs to the normal fluctuation.
The operating environment index is 50.3%, rising by 0.3 percentage points annually, and continues to be above the equilibrium line, reflecting the continuous improvement of market efficiency and operating environment.
The index of difficulty and ease of financing is 44.2%, up 0.2 percentage points annually, which indicates that the problem of difficult and expensive financing of enterprises has gradually improved, but the index is still far below the 50% equilibrium line.
The ICI manufacturing index is 51.8%, up 1.1% from last month, and continues to operate above the equilibrium line, indicating a strong L-shaped resilience of the economy and an acceleration in manufacturing expansion. Benefit index is 50.8%, up 0.8 percentage points from last month, above the equilibrium line, indicating that the main seasonal factors before, there is no downward trend in economic growth.
The main indicators of ICI in March were significantly higher than those in February, which not only showed that the fluctuation of Spring Festival factors was more obvious, but also showed that the basic characteristics of stable market demand, more active production and operation activities and good expectations since last year were more distinct.
ICI expects the development index to be 55.0%, up 0.1 percentage points from last month, and keep above the equilibrium line. This indicates that with the decline of Spring Festival factors, the production activities of enterprises will gradually return to normal, and the confidence of enterprises in market development will be enhanced.
In March, the ICI Suzhou Index was 51.2%, up 1.2 percentage points from last month, and the ICI Yantai Index was 51.7%, up 1.5 percentage points from last month, which was higher than the equilibrium level, indicating that the industrial economy of Suzhou and Yantai is running well.
In March, the production status index was 58.0%, rising by 3.0 percentage points annually, the production side rose, and the operation of enterprises rose. Specifically, the output index is 59.5% and the ring-to-ring ratio is 0.6%. This shows that after the disappearance of the Spring Festival factors, the production situation returns to normal. The sales index is 59.7%. The ring-to-ring ratio rises by 0.7 percentage points, the new order index rises, and the demand situation turns better, which leads to the increase of sales this month. The ex-factory price index was 61.2%, up 0.2 percentage points annually, and the purchase price of raw materials rose. Accordingly, the ex-factory price index of enterprises also rose. The main business income index is 63.8%, which is 0.3% higher than last month. This shows that economic activities such as production and operation of enterprises have resumed their activity, and the main business income of enterprises has risen accordingly. The equipment utilization index is 50.0%, which is 1.2% higher than last month. After the Spring Festival, manufacturing industry resumes production, enterprises generally start construction, and market activity has been strengthened.
In March, the efficiency index was 50.8%, up 0.8 percentage points from last month. The active production and operation activities of enterprises are the main reasons for the growth of enterprises'profits. Specifically, the profit index is 59.6%, rising by 0.3 percentage points annually, and the profit of enterprises has risen due to the rise of factory prices; the cost index is 30.2%, rising by 0.1 percentage points annually, the burden of enterprises on cost has decreased; the inventory index of finished products is 50.5%, annually declining by 1.0 percentage points, indicating that enterprises are active in production and operation after the Spring Festival, and inventory has been degraded. The return on net assets index was 49.7%, which was the same as last month and fell below the equilibrium line. The return on assets of enterprises remained stable.
In March, the operating environment index was 50.3%, rising by 0.3 percentage points annually. The index remained on the equilibrium line, reflecting the improvement of the market operating environment and the strength of the rebound. Specifically, the tax burden index is 47.3%, rising by 0.1 percentage points annually, reducing the tax burden, but still significantly below the equilibrium line, indicating that the current level of tax burden is still relatively heavy; the financing difficulty index is 44.2%, rising by 0.2 percentage points annually, improving the financing environment of enterprises, but the index is still far below the 50% equilibrium line, indicating that the current financing environment of enterprises still needs to be improved. Good; the market order index is 57.5%, which is the same as last month. With the continuous promotion of supervision, the market order is higher than the equilibrium line.
In March, the expected development index was 55.0%, up 0.1 percentage points annually, and continued above the equilibrium line, indicating that enterprises continue to be optimistic about the future market and have a positive attitude. The predictive index of future business situation is 60.9%, which is the same as last month and still higher than the equilibrium line, indicating that the confidence of enterprises in future business situation continues to rise; the index of future order volume is 61.0%, rising by 1.0 percentage points annually, indicating that enterprises are confident of the economic situation in the new year, and the order volume also rises; the investment in future R&D is 53.8%, which is the same as last month, and continues to rise on the equilibrium line. On the other hand, it shows that enterprises keep a high level of investment in the future and continue to grow. Expected investment is 50.8%, up 0.3 percentage points from last month, higher than the level of the balance line, indicating a breakthrough in enterprise investment. The planned employment index is expected to be 47.1%, up 0.3% from last month, and still below the equilibrium line, indicating a reduction in the employment of manufacturing enterprises.
The ICI manufacturing index was 51.8% in March, up 1.1 percentage points from last month. In March, China's Manufacturing Purchasing Managers Index (PMI) was 51.5%, up 1.2 percentage points from last month. In March, the PMI index rose to its peak in the first quarter and manufacturing expansion accelerated. Generally speaking, the first quarter of this year has continued to develop steadily, steadily and steadily. On the one hand, economic growth remained stable, combined with PMI judgment, GDP growth in the first quarter is expected to be about 6.8%; on the other hand, the inherent quality of economic development is improved.
In March, the ICI index rose and the PMI ring rose. The trend of the two indices is basically the same, indicating that the manufacturing industry is warming up. Overall, the purchasing manager index shows that in the first quarter of this year, China's economy continues to maintain a steady, progressive, stable and good development trend, and is expected to improve, the favorable conditions for supporting high-quality economic development continue to accumulate and increase, laying a good start for stable and healthy economic development throughout the year. At the next stage, under the leadership of the spirit of the Nineteenth National Congress of the Party, we should implement the decision-making arrangements of the Central Committee of the Party and the State Council, adhere to the general tone of steady progress and consolidate the economic foundation. At the same time, we should stand in the perspective of long-term economic cycle and structural optimization and upgrading, further promote reform and innovation, deepen reform and increase vitality, drive innovation and increase momentum, and constantly improve the quality and quality of economic development. Effectiveness, and strive to promote sustained improvement of the national economy, to achieve long-term stable and healthy economic development.