National Bureau of Statistics, China Logistics and Purchasing Association (CFLP) announced yesterday the country's manufacturing Purchasing Managers' Index (PMI) in March was 55.1%, rebounded 3.1 percent from the previous month. Market from historical data, March PMI index higher than the previous month, with seasonal pattern, the manufacturing sector rebounded after recovery in 2009, returned to normal growth environment, the economy picked up momentum to further enhance.
1 - domestic demand is expected to become the dominant
From the breakdown of data, constitute the manufacturing PMI's five sub-index has to raise the overall in March. Production index was 58.4 percent increase the previous month (the same below) by 4.1 percentage points; new orders index was 58.1%, an increase of 4.4 percentage points; the main raw materials inventory index was 50.6 percent, up by 2.5 percentage points; employees index increased by 3.0 percentage points to 52.9%; supplier delivery time index was 50.5%, an increase of 0.8 percentage points.Ping An Securities analyst Li Hongrong said, the current corporate earnings continue to come from continued growth in new orders last year's low base, the new order trends, the increase in corporate profits in the first half of this year will remain at a higher level of increase.Hai Tong Securities analyst Li Mingliang, the demand side, the new orders index, the external demand up limited space, led by domestic demand will be the norm. The export orders index was 54.5 percent in March, less than the new orders index, domestic demand remained strong from the balance point of view of the Chinese economy and the global economic structure, may be a long-term sustainability of the trend.CFLP also said yesterday, while new export orders index rose in March, but it does not mean that the future exports will now stable rebound. Index trend is more volatile international environment, the more complicated this year, the international trade friction against China's expanding.
2 - price pressures continue
Another one worth noting that data is the main raw material purchase price index in March was 65.1 percent for five consecutive months has been maintained at more than 60 percent of high, high 4.0 percent last month. National Bureau of Statistics said in data released this month, nearly 40% of companies surveyed believe that the purchasing price of key raw materials has increased, especially in the energy raw materials. Companies reflected by the multiple factors that affect the manufacturing of raw materials to market price fluctuations, procurement difficult, shrinking profit margins, a direct impact on production and operations.The purchase price influence in the process of widening. CFLP analysis suggests that the price trend in China is still the pressure continued to rise, except for the raw materials, rising energy prices, southwest of the five provinces, autonomous regions, drought continues to spread, Shanghai, Chongqing and other local food prices phenomenon. If grain prices are unstable, and will bring a new upward pressure on prices. At the same time, commodity prices from the lows, the imported inflation on the rise.Yesterday, HSBC also announced in March manufacturing PMI fell to 57.0 percent, 55.8 percent in February, but slightly lower than the highest since the index prepared a new high of 57.4 percent in January this year.
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