China Composite PMI2013-2021 Data | 2022-2023 Forecast | Calendar | Historical

The Caixin China General Composite PMI increased to 53.1 in March 2021 from 51.7 a month earlier. This was the highest reading since December last year, driven by a sharper rise in services activity, as manufacturing production growth was fractionally slower than that seen in February. New orders rose at a faster rate, supported by a renewed expansion in overall export sales. In addition, employment rose slightly after a mild drop in February. As for prices, input costs and output charges both rose sharply, with the latter increasing the most since November 2016. Lastly, confidence was at an eight-month high. "The economy continued to recover from the epidemic. More attention still needs to be paid to inflation going forward. This has restricted the room for future policy changes and is not conducive to a sustained economic recovery," said Wang Zhe, senior economist at Caixin Insight Group.

The Caixin China General Composite PMI fell to 51.7 in February 2021, down from 52.2 in January and signaling the smallest increase in total business activity since May, with output rising at softer rates for both services and manufacturing sectors. New order growth eased to a ten-month low, while employment fell for the first time since last July. As for prices, input costs continued to increase sharply, despite the rate of inflation easing to a three-month low. Prices charged also rose at a slightly softer pace.

The Caixin China General Composite PMI fell to 52.2 in January 2021 from 55.8 in December. This was the weakest pace of expansion in business activity since the current period of expansion began last May, amid a resurgence in COVID-19 cases in some parts of the country, with both manufacturing and services sectors growing at softer rates. New orders expanded the least in nine months; while employment grew lightly, with job creation at services firms offsetting cuts at manufacturers. Regarding inflation, input prices rose the most in 39 months, while , prices charged rose solidly. "We should be careful about rising inflationary pressure in the coming months. This year, we need to keep an eye on the effectiveness of domestic epidemic prevention, and look at how to add momentum to the economy as uncertainties about overseas demand continue," said Wang Zhe, senior economist at Caixin Insight Group.

The Caixin China General Composite PMI fell to 55.8 in December 2020 from a more than ten-year high of 57.5 in November, but nonetheless signaled a further marked increase in total Chinese output. Sector data showed that softer, but still sharp, increases in output were recorded across both the manufacturing and service sectors. New orders rose the least in four months; while employment expanded marginally, with job creation at services companies helping to offset stagnant manufacturing staff numbers. Prices data pointed input cost inflation hit its highest in three years, while output charges increased solidly and at the steepest rate since November 2016. Finally, entrepreneurs were confident about further improvement to the economy in the upcoming year. "We need to pay attention to the mounting pressure on costs brought by the increase in raw material prices and its adverse impact on employment," said Wang Zhe, senior economist at Caixin Insight Group.