According to data released by the National Bureau of Statistics, the manufacturing Purchasing Managers' Index (PMI) for September came in at 50.1%, up 0.3 percentage points from the previous month, rising back into expansion territory.

By enterprise size, the PMI for large enterprises stood at 50.6%, unchanged from the previous month and above the critical threshold; the PMIs for medium and small enterprises were 49.7% and 48.9%, respectively, up 0.3 and 1.0 percentage points from the previous month, both remaining below the critical threshold.

In September, the non-manufacturing business activity index was 50.2%, up 1.2 percentage points from the previous month, indicating a notable recovery in the prosperity level of the non-manufacturing sector. The composite PMI output index for September was 50.7%, up 1.2 percentage points from the previous month, rising above the critical threshold, showing that overall production and business activities of Chinese enterprises expanded compared with the previous month.

1. China's Manufacturing PMI Performance

In September, the manufacturing PMI was 50.1%, up 0.3 percentage points from the previous month, rising back into expansion territory.

By enterprise size, the PMI for large enterprises was 50.6%, unchanged from the previous month and above the critical threshold; the PMIs for medium and small enterprises were 49.7% and 48.9%, respectively, up 0.3 and 1.0 percentage points from the previous month, both below the critical threshold.

Among the five sub-indices that make up the manufacturing PMI, the production index, new orders index, and supplier delivery time index were all above the critical threshold; the raw materials inventory index and the employment index were below the critical threshold.

The production index was 51.7%, up 1.3 percentage points from the previous month, indicating that manufacturing production activity expanded at a faster pace. The new orders index was 50.5%, down 0.1 percentage points from the previous month but still above the critical threshold, indicating that market demand in manufacturing continued to improve. The raw materials inventory index was 48.2%, up 0.1 percentage points from the previous month, indicating a slight narrowing in the decline of major raw material inventories in manufacturing. The employment index was 48.4%, down 0.3 percentage points from the previous month, indicating a pullback in the employment prosperity level of manufacturing enterprises. The supplier delivery time index was 50.1%, unchanged from the previous month and above the critical threshold, indicating that delivery times for raw material suppliers in manufacturing continued to accelerate.

2. China's Non-Manufacturing PMI Performance

In September, the non-manufacturing business activity index was 50.2%, up 1.2 percentage points from the previous month, indicating a notable recovery in the prosperity level of the non-manufacturing sector.

By industry, the construction business activity index was 50.3%, up 3.4 percentage points from the previous month; the services business activity index was 50.2%, up 0.9 percentage points from the previous month. Within the services sector, business activity indices for telecommunications, radio and television, and satellite transmission services, monetary financial services, and insurance all remained in the relatively high prosperity range above 55.0%; business activity indices for capital market services and real estate were both below the critical threshold.

The new orders index was 46.5%, up 2.4 percentage points from the previous month, indicating a recovery in market demand prosperity in the non-manufacturing sector. By industry, the construction new orders index was 45.7%, up 3.3 percentage points from the previous month; the services new orders index was 46.7%, up 2.2 percentage points from the previous month.

The input prices index was 52.5%, up 1.4 percentage points from the previous month, indicating that the overall price level of inputs used by non-manufacturing enterprises for business activities continued to rise. By industry, the construction input prices index was 54.0%, up 2.8 percentage points from the previous month; the services input prices index was 52.2%, up 1.1 percentage points from the previous month.

The selling prices index was 50.3%, up 1.0 percentage point from the previous month, indicating that the overall selling price level of non-manufacturing enterprises picked up somewhat. By industry, the construction selling prices index was 48.5%, down 1.3 percentage points from the previous month; the services selling prices index was 50.6%, up 1.4 percentage points from the previous month.

The employment index was 45.9%, up 0.5 percentage points from the previous month, indicating an improvement in the employment prosperity of non-manufacturing enterprises. By industry, the construction employment index was 44.3%, up 1.3 percentage points from the previous month; the services employment index was 46.2%, up 0.4 percentage points from the previous month.

The business activity expectations index was 55.5%, up 0.5 percentage points from the previous month, indicating that non-manufacturing enterprises' confidence in market development strengthened somewhat. By industry, the construction business activity expectations index was 55.4%, up 3.6 percentage points from the previous month; the services business activity expectations index was 55.5%, unchanged from the previous month.

3. China's Composite PMI Output Index Performance

In September, the composite PMI output index was 50.7%, up 1.2 percentage points from the previous month, rising above the critical threshold, indicating that overall production and business activities of Chinese enterprises expanded compared with the previous month.