Hottest 502 national manufacturing PMI returned to

50.2% in November, the PMI of the national manufacturing industry returned to the expansion range

the counter cyclical regulation continued to increase, and the PMI index of the national manufacturing industry performed better than expected. On November 30, the National Bureau of statistics released data showing that in November, the national manufacturing PMI index was 50.2%, up 0.9 percentage points from the previous month. So far, the manufacturing PMI has temporarily left the contraction trend for six consecutive months and returned to the expansion range

Zhao Qinghe, Senior Statistician of the service industry survey center of the National Bureau of statistics, pointed out that this month's manufacturing PMI mainly showed the following characteristics, including the improvement of both supply and demand aviation, the improvement of import and export, the rebound in the prosperity of large and medium-sized enterprises, and the acceleration of transformation and upgrading

data showed that in November, the production index and new order index were 52.6% and 51.3% respectively, up 1.8 and 1.7 percentage points from the previous month, both of which were the highest since the second half of the year, of which the new order index returned to the expansion range

Zhao Qinghe said that from the perspective of industry categories, the production index and new order index of manufacturing industries such as agricultural and sideline food processing, refined tea for food, wine and beverage, medicine, automobile, railway, ship, aerospace equipment, etc. both rose, and were in the expansion range

this is due to the better implementation of macroeconomic countercyclical adjustment policies, tax reduction and fee reduction policies. The relevant person in charge of the China Federation of logistics and purchasing said that at the same time, the domestic market demand potential has been released, and the holiday consumption at the end of the year is expected to drive the development of the consumer goods industry

the effect of holidays is also reflected in the import order index of this month. In November, the new import order index increased by 2.9 percentage points month on month (49.8%). At the same time, affected by the increase in overseas orders on Christmas Eve, the outlook for external demand improved, and the new export order index increased by 1 percentage point month on month (48.8%) 8 percentage points

in terms of enterprises, the PMI indexes of large, medium and small enterprises were 50.9%, 49.5% and 49.4% respectively, which were 1.0, 0.5 and 1.5 percentage points higher than that of the previous month, and the PMI of large enterprises returned to the expansion range again. The production indexes of three types of enterprises were also higher than that of last month, all above the critical point

in this regard, the aforementioned person in charge believed that this was due to the relatively stable operation of a number of key industries and the rebound in growth rate, which played a better supporting role in the stabilization of the economy. For example, the rebound in demand in the construction industry led to the expansion of steel supply and demand; The automobile market is running steadily; Central heating has driven the demand for fossil energy, and the growth rate of high energy consuming industries has rebounded

it should be noted that the upgrading of the industrial structure of the manufacturing industry continues to be effective. At the same time, it was emphasized that the purpose of the forum was to learn and exchange, develop strengths and circumvent weaknesses, inspire ideas and share achievements. Among them, the PMI of technology manufacturing industry, equipment manufacturing industry and consumer goods industry were 51.7%, 51.0% and 51.1% respectively, all rising for two consecutive months. Since the implementation of deepening the reform of value-added tax in April this year, the effect of manufacturing tax reduction has been obvious, which has effectively promoted the development of China's high-tech industry and promoted industrial transformation and upgrading. Baijingming, vice president of the Chinese Academy of financial Sciences, once said

since this year, tax cuts and fee reductions in the manufacturing sector have continued to increase. For example, the value-added tax rate applicable to manufacturing industry is reduced from 16% to 13%; The accelerated depreciation policy of fixed assets is extended to all manufacturing sectors; Increase the deduction proportion of R & D expenses from 50% to 75%

according to the data previously disclosed by the State Administration of Taxation, in the first three quarters of this year, the manufacturing industry increased tax cuts by 473.8 billion yuan, accounting for 31.36% of the total new tax cuts, and 45% of the manufacturing taxpayers used policy dividends for R & D investment. Dividends have benefited a number of listed companies. For example, Zhejiang Geely Holding Group enjoyed a reduction of 140million yuan in value-added tax alone in the first half of this year. Shenyang Xinsong Robot Automation Co., Ltd. is expected to enjoy a policy dividend of more than 19million yuan for the whole year. Lenovo (Beijing) Co., Ltd. has deducted 110million yuan of R & D expenses in 2019. It is expected to realize a tax rebate of 100million yuan and a tax reduction of about 40million yuan for the whole year

the positive force comes from the counter cyclical adjustment, the bottoming of industrial inventory cycle, and the stabilization and recovery of PPI; The binding force lies in the fact that the real estate regulation remains calm and the impact of trade frictions continues to deepen. According to the analysis of China Merchants macro research report, since September, monetary policy has paid more attention to the overall goal of counter cyclical regulation than structural inflation, and there has been marginal relaxation; The fiscal policy is subject to the pressure of capital gap, and the expansion has converged; On the whole, it is expected that the manufacturing PMI will continue to reduce the scope of economic contraction during the year, but it is difficult to get out of the contraction range

in addition, Zhao Qinghe said that some enterprises reported that transformation and upgrading had achieved certain results, but the problem of capital shortage was still prominent. It is reported that in November, the proportion of enterprises that reflected the lack of funds was 38.2%, 1.5 percentage points higher than that of the previous month

on November 27, the Ministry of Finance said that with the consent of the State Council, the Ministry of Finance issued a partial new special debt limit of 1trillion yuan in 2020 in advance, requiring all regions to implement the special bond limit to specific projects as soon as possible, so as to ensure that it can be used and effective at the beginning of next year. Maxiaohe, vice president of the Macroeconomic Research Institute of the national development and Reform Commission, believes that policy support is on the one hand, and it is equally important to mobilize the investment force of private enterprises