[Preview of the Weekly] Slight Acceleration in Economic Expansion, Employment and Market Expectations Still Need a Boost (AI Translation)
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- China's manufacturing and service sectors expanded in December 2023, with the Caixin China Manufacturing PMI at 50.8 and the Services PMI at 52.9, indicating economic optimism.
- Despite improvements, challenges remain with insufficient demand, weak business and consumer expectations, and employment pressures; policy directions emphasize stability and progress.
- Expansionary fiscal and monetary policies are expected to continue in 2024, with a focus on infrastructure investment resilience, consumption growth, and export demand changes.
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，2023年12月中国制造业和服务业供需均扩张，带动经济景气度升至七个月来新高。
As the earlier policies aimed at stabilizing growth have taken effect, both the manufacturing and service sectors in China expanded in supply and demand in December 2023, driving economic vitality to a new high for the first time in seven months.
近日公布的2023年12月财新中国制造业采购经理人指数（PMI）录得50.8，高于上月0.1个百分点；财新中国服务业PMI上升1.4个百分点至52.9。两大行业景气回升，带动当月财新中国综合PMI上升1个百分点，录得52.6，为2023年6月以来最高。
The recently released Caixin China Manufacturing Purchasing Managers' Index (PMI) for December 2023 registered at 50.8, a slight increase of 0.1 percentage point from the previous month. Meanwhile, the Caixin China Services PMI rose by 1.4 percentage points to 52.9. The rebound in sentiment across these two major industries drove the Caixin China Composite PMI for the month up by one percentage point to 52.6, marking its highest level since June 2023.
受统计样本有所差异的影响，国家统计局12月制造业PMI录得49.0，回落0.4个百分点，为年内次低；服务业商务活动指数持平于49.3，综合PMI生产指数下降0.1个百分点至50.3，为年内最低。
Affected by differences in statistical samples, the National Bureau of Statistics recorded a Manufacturing PMI of 49.0 in December, falling by 0.4 percentage points to the second lowest within the year. The Service Sector Business Activity Index remained unchanged at 49.3, while the Composite PMI Output Index decreased by 0.1 percentage point to 50.3, marking the lowest point of the year.
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