The China Federation of Logistics & Purchasing and the Service Industry Survey Center of the National Bureau of Statistics released the Purchasing Managers' Index for April on April 30. Data shows that the Manufacturing PMI stood at 50.3% in April, slightly down by 0.1 percentage points from the previous month, yet remaining in expansion territory. The Non-Manufacturing Business Activity Index was 49.4%, a decrease of 0.7 percentage points from March. The Composite PMI Output Index registered 50.1%, down by 0.4 percentage points from the previous month but still above the 50-point threshold, indicating that the country's overall economic output continued to expand.

An analyst from the China Logistics Information Center commented that the economy continued its positive trajectory in April, with strengthened development momentum. Enterprise production activities expanded satisfactorily, market entity vitality was effectively stimulated, and macroeconomic resilience improved, laying a foundation for stable and positive future growth.

Data indicates that the Manufacturing PMI for April was 50.3%, reflecting generally stable景气 levels and a continuation of favorable operational trends in the manufacturing sector. Both production and demand continued to expand. The Production Index was 51.5%, and the New Orders Index was 50.6%, both remaining above the 50-point mark, indicating sustained expansion in production and market demand for manufacturing firms. Driven by factors including continued expansion in production and demand, corporate procurement willingness strengthened further, with the Purchasing Volume Index reaching 51.1%, up 0.2 percentage points from the previous month.

The analyst stated that manufacturing market demand maintained a pattern of stability with growth in April, with the New Orders Index staying in expansion territory for two consecutive months. Factors supporting this stable growth in demand include stable domestic demand, driven by continued policy support for new initiatives, steady progress in infrastructure investment, and stable release of essential consumer demand, which kept domestic market demand overall stable with a tendency for growth. Secondly, overseas demand recovered. Despite ongoing Middle East tensions disrupting global supply chains, China maintained strong competitiveness in foreign trade markets due to its high energy self-sufficiency rate, complete industrial system, and stable supply chains. China has also continuously strengthened its diversified market layout, further solidifying its foreign trade foundation.

By enterprise size, the PMI for large enterprises was 50.2%, staying above the 50-point mark for the fifth consecutive month. The PMI for medium and small enterprises was 50.5% and 50.1% respectively, rising by 1.5 and 0.8 percentage points from the previous month, both moving into expansion territory, indicating a significant rebound in their景气 levels. Factors driving the consecutive improvement in small and medium-sized enterprise景气 include continued effectiveness of policies aimed at helping enterprises and easing burdens, such as fiscal, tax, and credit support, and service activities for SMEs, which comprehensively address difficulties and reduce burdens for them. Secondly, stable macroeconomic recovery and the release of foreign trade advantages have provided a favorable environment for the development of SMEs.

Notably, three key sectors continued their expansion trend. The PMI for high-tech manufacturing and equipment manufacturing was 52.2% and 51.8% respectively, up 0.1 and 0.3 percentage points from the previous month, indicating sustained positive development trends in these industries. The PMI for the consumer goods industry was 50.7%, remaining in expansion territory. In contrast, the PMI for high-energy-consuming industries was 47.9%, down 1.0 percentage points from March, indicating a decline in景气 levels.

Influenced by factors such as recent high volatility in prices of some bulk commodities, the Major Raw Material Purchase Price Index and the Ex-Factory Price Index stood at 63.7% and 55.1% respectively, remaining at high levels seen in recent years, indicating a significant overall increase in market prices within the manufacturing sector.

Market expectations continued to strengthen. The Production and Business Activity Expectation Index was 54.5%, up 1.1 percentage points from the previous month, marking the third consecutive monthly increase. This reflects manufacturing firms' growing confidence in near-term market development. By sector, expectations indices for industries like food, beverages, refined tea, automobiles, and railway, ship, aerospace equipment were all in high景气 territory above 58.0%, indicating greater optimism among related enterprises.

In the view of the analyst, China's manufacturing sector currently exhibits a development trend characterized by "stable scale with growth and accelerating structural optimization." Macroeconomic resilience has improved, and the foundation for high-quality development is being steadily reinforced. The foundation for stable macroeconomic expansion in the future remains solid, supported by continuously strengthening policy guidance and support, the ongoing role of inherent economic stability, and the continued manifestation of foreign trade advantages. Amid unstable international supply chains, China has demonstrated strong risk resistance and resilience, which will effectively support stable and positive foreign trade performance.

The Non-Manufacturing Business Activity Index experienced a decline in April, registering 49.4%, down 0.7 percentage points from the previous month, indicating a decrease in non-manufacturing景气 levels. A separate analyst from the China Logistics Information Center noted that detailed data shows construction-related activities maintained steady growth, holiday consumption-related sectors showed some activation, new growth driver industries maintained high景气 operation, and corporate expectations warmed. With the arrival of the peak construction season and the May Day holiday, activities in investment and consumption-related sectors are expected to gain vitality in May. The steady advancement of macro-control related policies is also expected to help further stimulate endogenous economic growth momentum.

The Services sector experienced a景气 decline. The Services Business Activity Index was 49.6%, down 0.6 percentage points from March. By industry, sectors like railway transport, postal services, and telecommunications, radio, television, and satellite transmission services had business activity indices in high景气 territory above 55.0%, indicating rapid growth in business volume. Conversely, sectors like wholesale, retail, and residential services had business activity indices below the 50-point mark, indicating weaker market activity. Regarding market expectations, the Services Business Activity Expectation Index was 55.4%, up 0.6 percentage points from the previous month, moving into a high景气 range above 55.0%, suggesting that services enterprises have increased confidence in future market development.

The Construction sector showed weaker景气. The Construction Business Activity Index was 48.0%, down 1.3 percentage points from the previous month, indicating a decline in景气 levels. The Construction Business Activity Expectation Index was 50.5%, unchanged from March, indicating that construction firms maintain stable expectations for near-term industry development. It is anticipated that with the arrival of the peak construction season and the gradual release of demand related to urban renewal, new infrastructure, and major engineering projects, the景气 activity of construction-related sectors has a basis for recovery.

In April, the Composite PMI Output Index was 50.1%, down 0.4 percentage points from the previous month, indicating that overall business production and operation activities in China continued to expand. This index is composed of the Manufacturing Production Index (51.5%) and the Non-Manufacturing Business Activity Index (49.4%).