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September 2015 SMEOI Report by Economic Daily and PSBC

Date: 2016-05-13

In September 2015, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index (SMEOI)” (See Fig. 1) closed 46.7, remaining unchanged from the previous month, indicating SMEs got stabilized slightly 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, two flat and four downs”. Among them, the market index reported 44.0, remaining unchanged from the previous month; the purchasing index 46.0, down 0.1 point; the performance index 45.9, down 0.1 point; the expansion index 46.1, remaining unchanged; the confidence index 48.3, up 0.2 point; the financing index 50.4, down 0.1 point; the risk index 51.0, up 0.3 point; and the cost index 61.9, down 0.5 point.

Fig. 2 Sub-indices of SMEs

The indices of six regions (See Fig. 3) together presented a momentum of “four ups and four downs”. SMEOI of North China stood at 46.4, up 0.4 point; Northeast China at 46.9, up 0.1 point; East China at 46.1, down 0.9 point; South Central China at 47.8, up 0.4 point; Southwest China at 45.5, down 0.7 point; and Northwest China at 46.3, up 0.3 point.

Fig. 3 Regional Development Index  

I. SMEOI by Industry

In September, SMEOI of seven industries showed a trend of “three ups and four downs”, representing a sign of weak stabilization of SMEs.

Viewed from SMEOI of all industries (See Fig. 4), SMEs of the manufacturing industry, the construction industry and the wholesale and retail industry presented a slight growth while other industries suffered a decline in varying degrees.

Fig. 4 Index Comparison of Industries

In September, SMEOI of the farming, forestry, husbandry and fishery stood at 45.5, down 0.3 point. Among it, the market index, the purchasing index and the performance index were 42.3, 45.7 and 42.7, down 0.1 point, 0.3 point and 0.1 point, respectively. In September, SMEs in this industry operated slightly worse than last month, with production, product inventory and purchasing quality of raw materials dropping by 2.1 points, 1.2 points and 0.9 point respectively, dragging down the gross profit rate by 0.5 point.

SMEOI of the manufacturing industry reported 45.2, representing a slight rise of 0.1 point from the previous month. Among it, the market index was 40.9, up 0.1 point; the purchasing index 41.6, up 0.1 point; and the performance index 45.2, down 0.4 point, respectively. Seen from the survey results, the market supply & demand of SMEs in this industry was better than that of the previous year, contributing to an increase of 0.2 point, 0.4 point and 0.4 point in production, inventory and profit, respectively.

SMEOI of the construction industry posted 45.9, up 0.1 point from the previous month. Among it, the market index, the purchasing index and the performance index grew by 0.2 point, 0.3 point and 0.3 point, to 44.0, 41.9 and 47.4, respectively. According to the survey results, SMEs in this industry witnessed an increase of 0.5 point in value of new engineering contracts, 0.5 point in income from project settlement and 0.5 point in raw materials inventory, thus increasing the gross profit rate by 0.6 point.

SMEOI of the transportation industry stood at 47.1, down 0.1 point slightly. Among it, the market index was 45.4, up 0.4 point; the purchasing index 44.8, down 0.7 point; and the performance index 45.1, staying unchanged from the previous year. Seen from the survey results, SMEs in this industry achieved a decrease of 0.9 point and 1.0 point in purchasing quantity of raw materials and raw materials inventory, dragging down the gross profit rate by 0.2 point.

SMEOI of the wholesale and retail industry registered 48.7, up 0.1 point slightly. Among it, the market index and the purchasing index went up by 0.2 point and 0.1 point, to 47.3 and 46.6, respectively; and the purchasing index was 53.6, down 0.2 point. Specifically, sales order volume, backlog orders and wholesale and retail price rose by 1.1 points, 0.6 point and 0.6 point, respectively, raising the gross profit rate by 0.4 point.

SMEOI of the accommodation & catering industry reported 48.1, down 0.4 point. Among it, the market index was 48.8, down 0.3 point; the purchasing index 47.5, remaining unchanged from the previous month; the performance index 47.6, down 0.2 point. To be specific, volume of business reservations of SMEs went down by 0.8 point and income from principal business dropped by 0.5 point, resulting in a decrease of gross profit rate by 1.2 points.

SMEOI of the service industry was recorded at 46.7, down 0.3 point. Among it, the market index, the purchasing index and the performance index fell by 0.4 point, 0.4 point and 0.7 point, to 45.1, 44.9 and 45.6. Specifically, income from principal business and purchasing quantity of raw materials decreased by 2.1 points and 1.1 points, respectively, dragging down the profit rate by 2.7 points.

II. SMEOI by Region

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

SMEOI of North China, Northeast China, South Central China and Northwest China rebounded by 0.4 point, 0.1 point, 0.4 point and 0.3 point, to 46.4, 46.9, 47.8 and 46.3, respectively. To be specific, North China embraced an increase of 1.3 points and 1.2 points in the financing index, the risk index, to 51.2 and 51.3, respectively; Northeast China witnessed a growth of 1.3 points, 1.4 points and 2.1 points in the market index, the purchasing index and the performance index, to 44.6, 46.2 and 47.5, respectively; South Central China showed an increase of 0.7 point, 0.9 point, 1.4 points and 0.9 point in the market index, the expansion index, the confidence index, and the financing index, to 45.4, 47.1, 51.2 and 51.3, respectively; Northwest China showed an increase of 1.0 point, 1.5 points, 2.5 points and 1.2 points in the performance index, the expansion index, the confidence index, the financing index and the financing index, to 47.2, 45.7, 43.1 and 51.5, respectively.

SMEOI of East China and Southwest China encountered a setback, decreasing by 0.9 point and 0.7 point, respectively. East China demonstrated a decline in all sub-indices, and Southwest China saw with a downslide in the sub-indices other than the financing index.

III. SME Financing and Risk

In September, the financing index reflecting the financing demand of SMEs (See Fig. 5) reported 50.4, down 0.1 point.

The financing index of SMEs in the farming, forestry, husbandry and fishery stood at 49.9, down 1.0 point; that in the construction industry at 49.1, down 0.9 point; that in the transportation industry at 51.6, down 1.1 points; that in the accommodation & catering industry at 45.6, down 1.1 points; and that in the service industry at 51.0, down 0.5 point.

In September, the risk index of SMEs (See Fig. 5) registered 51.0, up 0.3 point. All industries other than the farming, forestry, husbandry and fishery and the accommodation & catering industry incurred a growing risk index. According to the survey, SMEs of the manufacturing industry, the construction industry, the transportation industry, the wholesale and retail industry and the service industry saw a slightly recovered turnover of working capital and a shortened payback period over the previous month.

Fig. 5 Financing Index and Risk Index of Industries

IV. Business Expectation of SMEs

In September, the expansion index stood at the same level as that of the previous month and the confidence index was 0.2 point higher, two of which are used to reflect the business expectation of SMEs.

In September, the expansion index of SMEs stood at 46.1, remaining unchanged from the previous month. That of SMEs in the manufacturing industry stood at 46.2, up 0.1 point slightly, accompanied with a growth of 0.2 point in labor demand; that in the construction industry reported 43.9, up 0.5 point, reflected by an increase of 0.7 point and 0.5 point in new demand for investment in fixed assets and labor demand, respectively; and that in the service industry registered 46.5, up 0.2 point, as seen in an increase of 0.6 point in labor demand.

In September, the confidence index of SMEs hit 48.3, representing a slight rise of 0.2 point. Except the construction industry, other industries witnessed an increase varying between 0.1-0.3 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.