Before August, the profit of industrial enterprises above designated size increased by 30%

HSBC’s data released on Thursday (September 22) showed that China’s manufacturing purchasing managers’ index (PMI) preview value fell to 49.4 in September, which was 49.9 points lower than last month’s final value. Dry water line 50 below.

Qu Hongbin, chief economist of HSBC Bank China, said: “The situation is similar to the previous two months. The growth rate is slowing, but there is no need to worry about a hard landing.”

He pointed out that although external demand has weakened, official trade data show that export growth is still very firm, and China’s dependence on net exports has been reduced. In the first half of the year, net exports’ contribution to GDP growth was almost zero, and domestic demand was strong enough to support the future. Seasonal economic growth of 8.5%-9%.

In the sub-items of the PMI preview values ​​in September, the output price index rose to a five-month high, and the input price index also rebounded to 58.8, a new high in four months, indicating that there will still be some inflationary pressures in the later period. The contraction of the output index and the employment index fell below the watershed, consistent with the overall trend, and the finished product inventory in the manufacturing industry was accelerating.

The PMI preview data samples were collected between September 12-20, and September final PMI was scheduled to be released on September 30th.

The PMI preview data is based on 85%-90% of the monthly PMI survey total sample size, and strives to accurately forecast the final PMI data. To reflect the trend of monthly economic operation, PMI preview data and final data are all to eliminate seasonal factors. Impact on the data.