Key Focus of Economy Remains on Expectations for Nominal Growth Increase (AI Translation)
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- China's economy continued to expand at the start of 2024, albeit at a slightly slower pace, influenced by pre-Lunar New Year manufacturing rush and increased service industry activity.
- The Caixin China Manufacturing PMI remained stable at 50.8 for January 2024, marking three months above the expansion threshold, while the services PMI slightly decreased to 52.7.
- Challenges such as weak demand versus supply, employment pressures, and market expectations persist; policy efforts focus on promoting employment, increasing income, and improving expectations with room for further fiscal and monetary policy enhancement.
文｜财新周刊 于海荣
By Caixin Weekly's Yu Hairong
受春节前制造业赶工备货、服务业出行和假日消费增加等因素带动，2024年开年中国经济继续扩张，但速度略有放缓。
Driven by factors such as the rush for manufacturing to stock up before the Spring Festival, increased travel and holiday spending in the service sector, China's economy continued to expand at the start of 2024, albeit at a slightly slower pace.
近日公布的2024年1月财新中国制造业采购经理人指数（PMI）录得50.8，与上月持平，连续三个月高于荣枯线；财新中国服务业PMI微降0.2个百分点至52.7。两大行业景气一平一降，当月财新中国综合PMI下降0.1个百分点，录得52.5，为2023年6月以来次高。
The recently released Caixin China Manufacturing Purchasing Managers' Index (PMI) for January 2024 remained steady at 50.8, identical to the previous month, marking the third consecutive month it has stayed above the boom-bust line. Meanwhile, the Caixin China Services PMI slightly decreased by 0.2 percentage points to 52.7. With one industry holding steady and the other experiencing a slight decline, the overall Caixin China Composite PMI fell by 0.1 percentage point to 52.5, making it the second highest since June 2023.
国家统计局公布的1月制造业PMI录得49.2，高于前值0.2个百分点，结束连续三个月的下降，止跌回升，服务业商务活动指数上升0.8个百分点至50.1，三个月来首次高于荣枯线，综合PMI生产指数上升0.6个百分点至50.9，为四个月来最高。
According to the National Bureau of Statistics, the Manufacturing Purchasing Managers' Index (PMI) for January registered at 49.2, a 0.2 percentage point increase from the previous value, halting a three-month decline and signaling a rebound. The service sector business activity index rose by 0.8 percentage points to 50.1, marking the first time in three months it has exceeded the boom-bust line. The comprehensive PMI output index increased by 0.6 percentage points to 50.9, reaching its highest level in four months.
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