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January 2016 SMEOI Report by Economic Daily and PSBC

Date: 2016-04-26

In January 2016, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index” (SMEOI) (See Fig. 1) closed 46.4, down 0.1 point slightly 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 “two ups, one flat and five downs”. Among them, the market index was recorded at 43.7, down 0.1 point slightly from the previous month; the purchasing index 45.6, up 0.2 point; the performance index 45.7, down 0.1 point; the expansion index 45.9, remaining unchanged; the confidence index 47.2, down 0.5 point; the financing index 49.9, down 0.2 point; the risk index 51.5, down 0.1 point; and the cost index 62.2, up 0.4 point.

Fig. 2 Sub-indices of SMEs

 

The indices of six regions (See Fig. 3) together presented a momentum of “two ups and four downs”. SMEOI of North China stood at 45.0, down 0.6 point; that of Northeast China at 44.4, down 0.3 point slightly; that of East China at 46.9, down 0.5 point; that of South Central China at 49.5, up 0.8 point; that of Southwest China at 46.9, up 0.7 point; and that of Northwest China at 43.5, down 0.6 point.

Fig. 3 Regional Development Index

 

I. SMEOI by Industry

In January, SMEOI of seven industries showed a trend of “three ups and four downs”, representing that the operation of SMEs was not stabilized yet.

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

Fig. 4 Index Comparison of Industries

 

In January, SMEOI of the farming, forestry, husbandry and fishery stood at 45.2, down 0.2 point from the previous month; among it, the market index was 42.1, down 0.4 point; the purchasing index 45.2, remaining unchanged; and the performance index 43.8, up 0.2 point. According to the survey results, SMEs in this industry witnessed a decrease of 1.3 points, 1.2 points, 2.1 points and 0.6 point in production, order volume, factory price and raw materials inventory, respectively; however, the profit moved upward by 0.6 point.

SMEOI of the manufacturing industry reported 44.5, down 0.1 point from the previous month. The decline was narrowed, but it presented a downward trend for four consecutive months. Among it, the market index was 39.9, down 0.2 point; the purchasing index 40.3, up 0.1 point slightly; and the performance index 44.5, almost remaining unchanged. Seen from the survey results, SMEs in this industry underwent of drop of 1.7 points, 1.4 points and 0.4 point in backlog order volume, inventory and raw materials inventory, dragging down the profit by 0.1 point.

SMEOI of the construction industry registered 45.7, up 0.2 point from the previous month; among it, the market index was 43.7, up 0.2 point; the purchasing index 40.8, down 0.2 point; and the performance index 48.2, up 0.6 point. According to the survey results, SMEs in this industry embraced an increase of 0.3 point, 1.0 point and 0.8 point in quantities, incomes from project settlement and raw materials inventory, thus driving up the gross profit rate by 1.2 points.

SMEOI of the transportation industry was recorded at 47.1, up 0.1 point slightly; among it, the market index was 45.7, up 0.1 point; the purchasing index 45.3, up 0.4 point; the performance index 45.1, down 0.4 point. Survey results revealed that SMEs in this industry achieved an increase of 0.4 point, 0.2 point and 0.7 point in volume of business reservations, income from principal business and purchasing quantity of raw materials, respectively, increasing the profit by 0.2 point.

SMEOI of the wholesale and retail industry stood at 48.6, down 0.1 point; among it, the market index was 47.4, up 0.2 point; the purchasing index 53.9, up 0.1 point; and the performance index 46.5, down 0.6 point. Specifically, sales volume and inventory declined by 0.9 point and 0.4 point, respectively; purchase quantity grew by 0.2 point; profit rate and gross profit rate thus dropped by 0.5 point and 0.9 point, respectively.

SMEOI of the accommodation & catering industry reported 48.9, up 0.2 point from the previous month, an increase same with the previous month. It has picked up for four consecutive months. Among it, the market index increased by 0.3 point, to 49.9; the performance index and the confidence index also rose by 0.8 point and 0.3 point, to 48.6 and 48.2, respectively. In details, business volume and volume of business reservations of SMEs rose by 0.6 point and 1.2 points, respectively, while service price and purchasing quantity of raw materials climbed by 1.0 point and 1.2 points, respectively, improving profit rate and gross profit rate by 0.5 point and 0.4 point, respectively.

SMEOI of the service industry was recorded at 46.8, down 0.3 point from the previous month; among it, the market index was 44.7, down 0.8 point; the purchasing index 45.5, remaining unchanged; and the performance index 46.0, up 0.2 point. Specifically, business volume and volume of business reservations fell by 1.1 points and 1.4 points, respectively, while income from principal business and purchasing quantity of raw materials declined by 0.7 point and 0.6 point, dragging down the profit by 0.8 point.

II. SMEOI by Region

In January, the operating index of six regions showed a momentum of “two ups and four downs”.

SMEOI of South Central China and Southwest China rose by 0.8 point and 0.7 point over the previous month, to 49.5 and 46.9, respectively. Among them, the market index of rebounded by 1.2 points, and the purchasing index, the performance index and the financing index picked up by 1.0 point, 1.1 points and 2.0 points, respectively, in Central South China; the market index, the purchasing index, the performance index and the expansion index rose by 0.4 point, 1.1 points, 1.5 points and 0.3 point, respectively, in Southwest China.

North China, Northeast China, East China and Northwest China saw a decrease in SMEOI, falling by 0.6 point, 0.3 point, 0.5 point and 0.6 point, respectively. The North China witnessed a drop of 1.0 point respectively in the market index, the purchasing index and performance index, and 1.5 points in the confidence index; Northeast China incurred a decline of 1.6 points, 1.2 points and 1.4 points respectively in the market index, the performance index and the confidence index; East China suffered a decline of 0.5 point, 2.1 points and 0.7 point respectively in the market index, the confidence index and the financing index; Northwest China saw a decline of 0.5 point, 0.6 point and 1.4 points respectively in the expansion index, the confidence index and the financing index.

III. SME Financing and Risk

In January, the financing index reflecting the financing demand of SMEs (See Fig. 5) reported 49.9, down 0.2 point.

The financing index of SMEs in the manufacturing industry and the wholesale and retail industry declined by 0.4 point and 0.3 point, to 50.3 and 49.5, respectively.

In January, the risk index of SMEs of (See Fig. 5) stood at 51.5, down 0.1 point. Among it, the risk index of SMEs in the farming, forestry, husbandry and fishery registered 50.5, down 0.9 point; that in the manufacturing industry at 50.7, down 0.5 point; that in the construction industry at 52.2, down 1.2 points; and that in the transportation industry at 49.6, down 0.2 point. Survey data revealed that all industries other than the wholesale and retail industry and the accommodation & catering industry incurred a falling turnover of working capital, and the payback period of the farming, forestry, husbandry and fishery, the manufacturing industry, the construction industry and the accommodation & catering industry was lengthened.

Fig. 5 Financing Index and Risk Index by Industry

 

IV. Business Expectation of SMEs

In January, the expansion index remained unchanged and the confidence index declined slightly from the previous month, two of which are used to reflect the business expectation of SMEs.

In January, the expansion index of SMEs stood at 45.9, remaining unchanged from the previous month. That of SMEs in the farming, forestry, husbandry and fishery stood at 46.0, down 0.5 point, accompanied with the decrease of 1.0 point and 0.7 point in new investment demand and labor demand, respectively; that in the manufacturing industry posted 45.3, down 0.2 point, evidenced by the decrease of 1.1 points in overtime hours of employees; that in the construction industry reported 42.7, down 0.8 point, as seen in the decrease of 1.7 points and 0.4 point in new investment demand and labor demand, respectively; that in the transportation industry registered 46.1, up 0.6 point, viewed from the rise of 1.7 points in new investment demand; and that in the accommodation & catering industry was recorded at 47.9, up 0.5 point, partly reflected as the rise of 1.6 points in labor demand.

In January, the confidence index of SMEs reported 47.2, down 0.5 point from the previous month, a drop enlarged by 0.3 point. It presented a downward trend for consecutively four months. All industries other than the construction industry saw their confidence index dropping differently but within 1.0 point.