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February 2016 SMEOI Report by Economic Daily and PSBC

Date: 2016-04-26

 

In February 2016, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index (SMEOI)” (See Fig. 1) closed 46.1, down 0.3 point from the previous month, indicating that the operation of small and micro-sized enterprises (SMEs) was not stabilized yet in the month.

Fig. 1 Economic Daily-PSBC SMEOI

 

All the sub-indicators and sub-indices (See Fig. 2) together showed a momentum of “three ups and five downs”. Among them, the market index was recorded at 43.2, down 0.5 point from the previous month; the purchasing index 45.3, down 0.3 point; the performance index 45.4, down 0.3 point; the expansion index 45.5, down 0.4 point; the confidence index 47.4, up 0.2 point; the financing index 49.6, down 0.3 point; the risk index 52.2, up 0.7 point; and the cost index 63.0, up 0.8 point.

Fig. 2 Sub-indices of SMEs

 

The indices of six regions (See Fig. 3) all presented a little slump. SMEOI of North China stood at 44.6, down 0.4 point; that of Northeast China 43.9, down 0.5 point; that of East China 46.7, down 0.2 point; that of South Central China at 49.2, down 0.3 point; that of Southwest China 46.8, down 0.1 point; and that of Northwest China at 43.2, down 0.3 point.

Fig. 3 Regional Development Index

 

I. SMEOI by Industry

In February, SMEOI of seven industries went downward, indicating that the operation of SMEs was not stabilized yet.

SMEOI of seven industries (see Fig. 4) saw varying degrees of decline in the month.

Fig. 4 Index Comparison of Industries

 

In February, SMEOI of farming, forestry, husbandry and fishery stood at 45.0, down 0.2 point from the previous month; among it, the market index was 42.1, remaining unchanged; the purchasing index 44.9, down 0.3 point; and the performance index 42.9, down 0.9 point. According to the survey results, SMEs in this industry witnessed a decrease of 0.5 point, 1.5 points, 0.9 point and 0.5 point in order volume, factory price, product inventory and purchasing quantity of raw materials, respectively, dragging down the profit rate and the gross profit rate by 1.0 point and 1.2 points, respectively.

SMEOI of manufacturing industry reported 44.1, down 0.4 point, an enlarged decrease from the previous month; among it, the market index was 39.2, down 0.7 point; the purchasing index and the performance index were 39.8 and 44.2, down 0.5 point and 0.3 point, respectively. Seen from the survey results, SMEs in this industry underwent a drop of 1.2 points, 0.9 point, 0.5 point and 0.7 point in production, order volume, purchasing quantity of raw materials and raw materials inventory, respectively, dragging down the gross profit rate by 0.7 point.

SMEOI of construction industry registered 45.2, down 0.5 point from the previous month; among it, the market index, the purchasing index and the performance index each fell by 0.5 point, 0.1 point and 0.6 point to 43.2, 40.7 and 47.6. According to the survey results, SMEs in this industry saw a drop of 0.6 point in quantities, 0.8 point in value of new engineering contracts, 0.6 point in incomes from project settlement and 0.3 point in raw materials inventory, resulting in a profit reduction of 1.1 points.

SMEOI of transportation industry was recorded at 46.8, down 0.3 point; among it, the market index and the purchasing index fell by 0.2 point and 0.4 point, to 45.5 and 44.9, respectively; and the performance index came at 45.2, up 0.1 point slightly. Survey results revealed that SMEs in this industry incurred a drop of 0.4 point, 0.3 point and 0.7 point in volume of business reservations, income from principal business and purchasing quantity of raw materials, dragging down the profit by 0.4 point.

SMEOI of wholesale and retail industry stood at 48.5, down 0.1 point; among it, the market index was 47.3, down 0.1 point slightly; the purchasing index 53.8, down 0.1 point slightly; and the performance index 46.3, down 0.2 point. To be specific, wholesale and retail price, sales volume and purchase quantity each declined by 0.2 point, reducing the profit rate and the gross profit rate by 0.3 point and 0.2 point, respectively.

SMEOI of accommodation & catering industry registered 48.7, down 0.2 point from the previous month; among it, the market index was 49.6, down 0.3 point; the purchasing index 47.9, down 0.7 point; and the performance index 48.3, up 0.1 point slightly. In details, both the business volume and the volume of business reservations fell by 0.3 point, while income from principal business, purchasing quantity of raw materials and raw materials inventory declined by 0.9 point, 0.5 point and 1.1 points, respectively, dragging down the profit by 0.2 point.

SMEOI of service industry was recorded as 46.5, down 0.3 point from the previous month; among it, the market index, the purchasing index and the performance index fell by 0.6 point, 0.4 point and 0.7 point, to 44.1, 45.1 and 45.3, respectively. Specifically, business volume, income from principal business and purchasing quantity of raw materials decreased by 0.7 point, 1.4 points and 0.6 point, respectively, representing a reduction of 0.7 point and 1.2 points in the profit rate and the gross profit rate.

II. SMEOI by Region

In February, the operating index of six regions suffered a little slump.

SMEOI of North China posted 44.6, down 0.4 point from the previous month; among it, the purchasing index, the confidence index and the risk index fell by 0.4 point, 0.9 point and 1.1 points, to 41.9, 44.7 and 49.7, respectively. SMEOI of Northeast China reported 43.9, down 0.5 point; among it, the market index, the performance index and the expansion index dropped by 0.7 point, 0.5 point and 0.5 point, to 40.3, 42.6 and 43.1, respectively. SMEOI of East China was 46.7, down 0.2 point; among it, the expansion index and the financing index decreased by 0.5 point and 0.6 point, to 46.8 and 48.6, respectively. SMEOI of South Central China reported 49.2, down 0.3 point; among it, the purchasing index, the performance index and the financing index declined by 0.4 point, 0.4 point and 0.5 point, to 50.4, 48.0 and 51.2, respectively. SMEOI of Southwest China stood at 46.8, down 0.1 point; among it, both the market index and the expansion index dropped by 0.2 point, to 45.5 and 46.5, respectively. SMEOI of Northwest China was 43.2, down 0.3 point; among it, the market index, the purchasing index and the risk index saw a drop of 0.3 point, 0.3 point and 0.9 point, to 41.8, 42.7 and 49.7, respectively.

III. SME Financing and Risk

In February, the financing index reflecting the financing demand of SMEs (See Fig. 5) reported 49.6, down 0.3 point.

The financing index of SMEs in all industries showed a downturn, of which the farming, forestry, husbandry and fishery, the manufacturing industry and the wholesale and retail industry each fell by 0.3 point, the manufacturing industry by 0.8 point, the transportation industry by 0.4 point, the accommodation & catering industry by 0.5 point and the service industry by 0.2 point.

The risk index of SMEs (See Fig. 5) reached 52.2, up 0.7 point. Among it, the risk index of SMEs in the manufacturing industry stood at 51.8, up 1.1 point; that in the construction industry at 52.6, up 0.4 point; that in the wholesale and retail industry at 53.6, up 0.3 point; that in the accommodation & catering industry at 53.5, up 0.7 point; and that in the service industry at 51.2, up 1.6 points. Survey data revealed that all industries other than the farming, forestry, husbandry and fishery saw a sign of recovery in the turnover of working capital, and the payback period of manufacturing industry, construction industry, accommodation & catering industry and service industry all shortened to a slight extent.

Fig. 5 Financing Index and Risk Index By Industry

 

IV. Business Expectation of SMEs

In February, the expansion index declined while the confidence index went up, two of which are used to reflect the business expectation of SMEs.

In February, the expansion index of SMEs stood at 45.5, down 0.4 point. That of SMEs in the farming, forestry, husbandry and fishery reported 45.0, down 1.0 point, evidenced by the decrease of 1.3 points and 1.2 points in new investment demand and labor demand, respectively; that in the manufacturing industry was 44.8, down 0.5 point, seen as the decrease of 0.5 point in labor demand; that in the construction industry posted 42.2, down 0.5 point, manifested by the drop of 0.7 point and 0.8 point in new investment demand and labor demand, respectively; that in the transportation industry came at 45.5, down 0.6 point, seen from the decrease of 0.9 point and 1.1 points in overtime hours of employees and labor demand, respectively; and that in the accommodation & catering industry stood at 46.4, down 0.9 point, evidenced by the decrease of 0.9 point and 1.1 points in new investment demand and labor demand, respectively.

In February, the confidence index of SMEs reached 47.4, up 0.2 point from the previous month. Except the transportation industry and the accommodation & catering industry, other industries all witnessed a rising expansion index of SMEs, of which the confidence index of the farming, forestry, husbandry and fishery and the service industry picked up by 1.1 points and 0.8 point, respectively.

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.