In July, China's manufacturing continued to expand, but the expansion momentum further slowed down. July 2021, July, July 2, announced, decreased by 1 percentage point to 50.3, the lowest since May 2020.

This trend is consistent with the National Bureau of Statistics Manufacturing PMI. The July manufacturing PMI released by the Bureau of Statistics recorded 50.4, down 0.5 percentage points from June, which is the lowest since March 2020.

In July, the manufacturing supply continued to expand, but the expansion speed is only weak, and the demand has a year to shrink for the first time. In July, the manufacturing production index and the new order index recorded a new low in 16 months and 15 months respectively. Partial respondents reflected, customer demand is relatively weak; another company reflects that the product export price is raised to suppress sales. Sategant data shows that the new order of investment products has grown strong, but the new orders of consumer goods and middleware are reduced.

The foreign demand is generally maintained, and the new export order index of manufacturing in July is slightly higher than that of the glory line, and the epidemic situation in different regions of the overseas is differentiated.

The employment market has changed greatly. In July, the manufacturing employment index is slightly higher than the glory line, and the fourth consecutive month is located in the expansion interval. Some companies have increased labor to expand their capacity, and another company is relatively cautious. With the stability of the employment market, the number of backlogs has increased slightly.

The manufacturing purchase price index and the factory price index declined, showing inflationary pressure slightly relieved in July. However, the purchase price index has been more than 5 consecutive months higher than the glory line, and the respondents indicated that the price of raw materials is high, especially the industrial metal prices. In contrast, the factory price index is only slightly higher than the random line, and the new low since October 2020, indicating that market demand is more sensitive to product prices, limiting the company's pricing.

A shortage of floods, epidemic, and chip and other products, logistics delivery time continues to be extended, and July the supplier supply time index continues to be in the contraction section. Since the price of raw materials is still in a high level, the purchase of manufacturing enterprises is only slightly increased, and the raw material inventory index declines in the contraction section. Enterprises continue to use finished product inventory delivery orders, and the formal product stock index continues to be in the contraction range, but the amplitude is slightly narrowed.

China's manufacturing industry is generally optimistic about the growth prospects of the next year, but the optimism fell to 15 months low. Enterprise worrying global epidemic is unknown to control, and worry that the supply chain continues to be obstructed.

Wang Hao, senior economist, said that the marginal expansion of the manufacturing expansion in July, the market supply continued to expand, the demand began to carry it up, and the company was cautious in increasing employees and raw materials procurement. The inflation pressure is relieved, and manufacturing entrepreneurs remain optimistic about the future, but is below long-term mean. In July, the new China manufacturing PMI-related data shows that the current national economic recovery foundation is not solid, and the pressure in the economy is still large. Entrepreneur is also required to care.

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