[Preview of the Weekly] Business Expectations Show Improvement, Insufficient Demand Still Requires Attention (AI Translation)
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- China's manufacturing and service sectors expanded in November, with the Caixin China Manufacturing PMI at 50.7 and the Caixin China Services PMI at 51.5, indicating improved economic sentiment and reaching a three-month high.
- Despite the positive trend in private surveys, official data from the National Bureau of Statistics showed a slight decline in manufacturing PMI to 49.4 and services business activity index to 49.3, marking the lowest points within the year.
- Economic recovery is still fragile due to insufficient domestic and external demand and employment pressures; policy measures are expected to focus on boosting consumption, income, employment, and stabilizing expectations while addressing long-term economic growth foundations.
文｜财新周刊 于海荣
By Caixin Weekly's Yu Hairong
随着前期稳增长政策陆续落地见效，11月中国制造业和服务业供需均扩张，企业信心回升，经济景气度升至三个月来新高。
As the earlier policies aimed at stabilizing growth have taken effect, both the manufacturing and service sectors in China saw expansion in supply and demand in November. Business confidence has rebounded, lifting economic vitality to a new high for the past three months.
近日公布的11月财新中国制造业采购经理人指数（PMI）录得50.7，高于上月1.2个百分点，重回扩张；财新中国服务业PMI上升1.1个百分点至51.5。两大行业景气回升，带动当月财新中国综合PMI上升1.6个百分点，录得51.6，为三个月来最高。
The recently released Caixin China Manufacturing Purchasing Managers' Index (PMI) for November registered at 50.7, an increase of 1.2 percentage points from the previous month, returning to expansion territory. The Caixin China Services PMI rose by 1.1 percentage points to 51.5. With both major sectors experiencing a rebound in business conditions, the Caixin China Composite PMI for the month climbed by 1.6 percentage points to reach 51.6, marking the highest level in three months.
此前公布的国家统计局11月制造业PMI录得49.4，回落0.1个百分点，录得四个月来最低；服务业商务活动指数下降0.8个百分点至49.3，年内首次降至荣枯线下，综合PMI生产指数下降0.3个百分点至50.4，亦为年内最低。
The National Bureau of Statistics previously announced that the Manufacturing Purchasing Managers' Index (PMI) for November recorded a figure of 49.4, falling by 0.1 percentage points to its lowest in four months. The service sector business activity index decreased by 0.8 percentage points to 49.3, dropping below the boom-bust line for the first time within the year. The comprehensive PMI output index also fell by 0.3 percentage points to 50.4, marking the lowest point of the year.
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