Credit Card Service:400-88-95580  |  Call Center:95580  |  简体中文   |   繁体中文

Users of iOS and Android can directly download mobile banking by scanning the QR code.


December 2015 SMEOI Report by Economic Daily and PSBC

Date: 2016-04-26

In December 2015, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index (SMEOI)” (See Fig. 1) closed 46.5, remaining unchanged from the previous month, indicating that the downward pressure on small and micro-sized enterprises (SMEs) eased somewhat in the month.

Fig. 1 Economic Daily-PSBC SMEOI

 

All the sub-indicators and sub-indices (See Fig. 2) together showed a momentum of “two ups, one flat and five downs”. Among them, the market index was recorded at 43.8, up 0.1 point slightly from the previous month; the purchasing index 45.4, down 0.3 point; the performance index 45.8, remaining unchanged; the expansion index 45.9, down 0.2 point; the confidence index was 47.7, down 0.2 point; the financing index 50.1, down 0.3 point; the risk index 51.6, up 0.6 point; and the cost index 61.8, down 0.4 point.

Fig. 2 Sub-indices of SMEs

 

The indices of six regions (See Fig. 3) together presented a momentum of “three ups and three downs”. SMEOI of North China stood at 45.6, down 0.2 point; that of Northeast China at 44.7, down 1.1 points; that of East China at 47.4, up 1.2 points; that of South Central China at 48.7, up 0.9 point; that of Southwest China at 46.2, up 1.0 point; and that of Northwest China at 44.1, down 0.1 point.

Fig. 3 Regional Development Index

 

I. SMEOI by Industry

In December, SMEOI of seven industries showed a trend of “four ups and three downs”, indicating that the downward pressure on the operation of SMEs was slightly relaxed.

Viewed from SMEOI of all industries (See Fig. 4), SMEs of the transportation industry, the wholesale and retail industry, the accommodation & catering industry and the service industry operated better to varying extents, while those in the farming, forestry, husbandry and fishery, the construction industry and the manufacturing industry witnessed a decline in their operating index.

Fig. 4 Index Comparison of Industries

 

In December, SMEOI of the farming, forestry, husbandry and fishery stood at 45.4, down 0.4 point from the previous month. Among it, the market index and the purchasing index reported 42.5 and 45.2, down 0.7 point and 1.2 points, respectively; and the performance index was 43.6, up 0.2 point. According to the survey results, SMEs in this industry witnessed a decrease of 1.6 points, 1.4 points, 1.8 points, 1.6 points and 1.5 points in production, order volume, product inventory, purchasing quantity of raw materials and raw materials inventory, respectively; however, the gross profit rate moved upward by 1.6 points.

SMEOI of the manufacturing industry reported 44.6, down 0.3 point from the previous month. The decline remained unchanged, but it presented a downward trend for three consecutive months. Among it, the market index was 40.1, down 0.1 point, while both the purchasing index and the performance index dropped by 0.5 point and 0.4 point, to 40.2 and 44.5, respectively. Seen from the survey results, SMEs in this industry witnessed a decrease of 0.5 point, 0.8 point and 1.2 points in order volume, factory price and purchasing quantity of raw materials, dragging down the gross profit rate by 1.2 points.

SMEOI of the construction industry posted 45.5, down 0.3 point from the previous month. Among it, the market index was 43.5, down 0.5 point; the purchasing index 41.0, down 0.8 point; and the performance index 47.6, up 0.3 point. According to the survey results, SMEs in this industry underwent a decrease of 1.0 point, 1.3 points, 0.9 point and 1.0 point in quantities, new project contracts, purchasing quantity of raw materials and raw materials inventory, but their profit grew by 1.0 point.

SMEOI of the transportation industry stood at 47.0, up 0.1 point slightly. Among it, the market index was 45.6, up 0.3 point; the purchasing index 44.9, down 0.2 point; the performance index 45.5, up 0.4 point. Survey results revealed that SMEs in this industry achieved an increase of 1.2 points, 1.1 points and 0.5 point in traffic volume, income from principal business and raw materials inventory, respectively, driving up the profit by 1.8 points.

SMEOI of the wholesale and retail industry registered 48.7, up 0.2 point from the previous month when it went down by 0.3 point. Among it, the market index, the purchasing index and the performance index were 47.2, 53.8 and 47.1, up 0.5 point, 0.3 point and 0.4 point, respectively. To be specific, sales order volume, wholesale and retail price, sales volume and purchasing quantity rose by 0.4 point, 0.9 point, 1.2 points and 0.3 point, respectively, increasing the profit by 0.9 point.

SMEOI of the accommodation & catering industry reported 48.7, up 0.2 point from the previous month. The increase was 0.1 point higher than that of last month and marked a pickup for three consecutive months. Among it, the market index increased by 0.3 point, to 49.6, while the purchasing index and the performance index also rose by 0.1 point and 0.2 point, to 47.8 and 47.9, respectively. In details, business volume and income from principal income of SMEs grew by 0.5 point and 0.4 point, respectively, and raw materials inventory climbed by 0.4 point, improving the gross profit rate by 0.3 point.

SMEOI of the service industry was recorded at 47.1, up 0.3 point from the previous month. The rise was 0.2 point higher than that of the previous month. Among it, the market index increased by 0.1 point, to 45.5, while the purchasing index and the performance index also rose by 0.2 point and 0.1 point, to 45.5 and 45.8, respectively. To be specific, business volume and purchasing quantity of raw materials grew by 0.2 point and 0.7 point, respectively, driving up the profit rate and the gross profit rate by 0.2 point and 0.3 point, respectively.

II. SMEOI by Region

In December, the operating index of six regions showed a momentum of “three ups and three downs”.

SMEOI of East China, South Central China and Southwest China rose by 1.2 points, 0.9 point and 1.0 point over the previous month, to 47.4, 48.7 and 46.2, respectively. Specifically, all sub-indices of East China rebounded, evidenced by the increase of 1.6 points, 1.4 points and 2.2 points in the market index, the performance index and the confidence index; South Central China and Southwest China saw the sub-indices other than the financing index picking up, with the market index rising by 1.8 points and 1.5 points, the purchasing index by 1.7 points and 1.5 points, and the confidence by 2.0 points and 2.7 points, respectively.

SMEOI of North China, Northeast China and Northwest China encountered a setback, decreasing by 0.2 point, 1.1 points and 0.1 point, respectively. North China witnessed a drop of 0.9 point, 0.8 point and 0.4 point in the market index, the expansion index and the confidence index, respectively; Northeast China suffered a decline of 2.7 points, 1.0 point and 3.6 points respectively in the purchasing index, the confidence index and the financing index; Northwest China saw a decline of 1.1 points, 2.1 points and 3.4 points respectively in the purchasing index, the expansion index and the confidence index.

III. SME Financing and Risk

In December, the financing index reflecting the financing demand of SMEs (See Fig. 5) reported 50.1, down 0.3 point.

The financing index of SMEs in the farming, forestry, husbandry and fishery stood at 48.4, down 0.1 point; that in the manufacturing industry at 50.7, down 0.5 point; that in the construction industry at 48.4, down 0.7 point; and that in the wholesale and retail industry at 49.8, down 0.6 point.

In December, the risk index of SMEs (See Fig. 5) registered 51.6, up 0.6 point. Among it, the risk index of SMEs in the manufacturing industry stood at 51.2, up 0.7 point; that in the construction industry at 53.4, up 1.0 point; that in the transportation industry at 49.8, up 0.4 point; that in the wholesale and retail industry at 52.3, up 0.8 point; and that in the accommodation & catering industry at 52.6, up 0.5 point; and that in the service industry at 49.5, up 0.2 point. According to the survey results, all industries other than the farming, forestry, husbandry and fishery saw a recovery in the turnover of working capital and a shortened payback period.

Fig. 5 Financing Index and Risk Index of Industries

 

IV. Business Expectation of SMEs

In December, both the expansion index and the confidence index declined somewhat, two of which are used to reflect the business expectation of SMEs.

In December, the expansion index of SMEs stood at 45.9, down 0.2 point from the previous month. That of SMEs in the farming, forestry, husbandry and fishery reported 46.5, down 1.0 point, accompanied with the decrease of 1.2 points both in new investment demand and labor demand; that in the manufacturing industry posted 45.5, down 0.3 point, as seen in the decrease of 0.5 point and 1.2 points in new investment demand and labor demand, respectively; that in the transportation industry registered 45.5, down 1.0 point, viewed from the decrease of 1.3 points and 1.7 points in new investment demand and labor demand, respectively; and that in the wholesale and retail industry stood at 46.9, down 0.4 point, evidenced by the decrease of 0.8 point in labor demand.

In December, the confidence index of SMEs reported 47.7, down 0.2 point. That in the farming, forestry, husbandry and fishery stood at 48.5, down 0.4 point; in the manufacturing industry at 48.2, down 0.6 point; in the construction industry at 43.5, down 0.8 point; and in the transportation industry at 48.1, down 1.0 point.

Notes:

All the indictors are positive ones with the value ranging between 0 and 100; the critical point is 50, representing the general state. An index higher than 50 means an improving business situation, otherwise, the business situation gets worse.

The original data of both the risk index and the cost index have been processed and adjusted to positive indicators. The higher the indicator is, the better the situation is.