CBN丨China’s cabinet outlines 33 measures to stabilise growth

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Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

重点提要 

The State Council releases a 33-measure plan to stabilise the economy;

China’s factory activity ebb slows in May as COVID-19 wanes.

中国经济要闻

China's manufacturing purchasing managers' index (PMI) fell at a slow speed in May due to the effective control of COVID-19 flare-ups combined with supporting policies, although it remained below the 50-point mark that separates growth from contraction for three consecutive months.

The official manufacturing PMI in May stood at 49.6, 2.2 points higher than the previous month, data by the National Bureau of Statistics (NBS) on Tuesday showed.

Zhao Qinghe, a senior NBS statistician, said that the figure showed that the recent epidemic situation and changes in the international community have caused a greater impact on China’s economic operation. However, with the efficient coordination of epidemic prevention and control combined with economic and social development, the country’s economy recovered from its previous ebb.

The PMI of large enterprises recorded 51.0, 2.9 points higher than April, with their production index and new order index both higher than the overall manufacturing industry, while the index of small and medium-sized enterprises remained below the 50-point mark, reaching 49.4 and 46.7 respectively. “This showed that manufacturing production and demand have recovered to varying degrees, but the recovery momentum is still to be enhanced,” Zhao said. 

The official non-manufacturing PMI in May rose to 47.8 from 41.9 in April. The activity index in contact-intensive sectors including accommodation, rental and business services continues to stand at a low level below 40.0. The business activity expectations index in May rose to 55.2, up 2.2 points month-on-month, indicating that as the epidemic was effectively controlled, together with the implementation of supporting policies to stabilise economic growth and ensure employment, the service industry's business confidence has increased.

On Tuesday, the State Council, the cabinet, released 33 measures including increasing government procurement support for small and medium-sized enterprises, enhancing the support of financial institutions for infrastructure construction and major projects and promoting bulk consumption such as automobiles and home appliances, vowing to stabilize the national economy during the second quarter.

5月31日，据国家统计局发布，5月份制造业采购经理指数（PMI）为49.6%，虽低于临界点，但比上月上升2.2个百分点，制造业总体景气水平有所改善。

国家统计局服务业调查中心高级统计师赵庆河表示，5月份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数同步回升，分别为49.6%、47.8%和48.4%，虽低于临界点，但明显高于上月2.2、5.9和5.7个百分点。表明近期疫情形势和国际局势变化等因素对经济运行造成较大冲击，但随着高效统筹疫情防控和经济社会发展成效显现，我国经济景气水平较4月份有所改善。

受疫情影响较大的地区复工复产逐步推进，制造业PMI在4月份较低基数水平上回升至49.6%。调查的21个行业中，PMI位于扩张区间的行业由上月的9个增加至12个，制造业景气面呈现积极变化。价格指数继续回落，主要原材料购进价格指数为55.8%，低于上月8.4个百分点，继续高于55.0%，制造业原材料采购价格涨幅有所收窄，但仍处于相对较高水平。

数据还显示，小型企业PMI为48.8%，较前值回落2个百分点，再度跌入收缩区间，预示小企业持续增长的动力不足。

另一方面，5月份，非制造业商务活动指数为47.8%，比上月上升5.9个百分点，非制造业景气水平明显改善。5月份，全国疫情整体呈现稳定下降态势，服务业商务活动指数为47.1%，高于上月7.1个百分点，服务业景气度较快修复，但仍低于往年同期水平。

同时，31日国务院发布关于印发扎实稳住经济一揽子政策措施的通知。通知称，今年以来，新冠肺炎疫情和乌克兰危机导致风险挑战增多，我国经济发展环境的复杂性、严峻性、不确定性上升，稳增长、稳就业、稳物价面临新的挑战。通知提出了六个方面33项具体政策措施，其中包括7项财政政策、5项货币金融政策、6项稳投资促消费等政策、5项保粮食能源安全政策、7项保产业链供应链稳定政策，以及3项保基本民生政策。