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August 2015 SMEOI Report by Economic Daily and PSBC

Date: 2016-05-13

In August 2015, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index (SMEOI)” (See Fig. 1) closed 46.7, down 0.3 point slightly from the previous month, indicating that SMEs operated under a downward pressure in the month.

Fig. 1 Economic Daily-PSBC SMEOI

All the sub-indicators and sub-indices (See Fig. 2) together showed a momentum of “one up, two flat and five downs”. Among them, the market index was 44.0, down 0.4 point; the purchasing index 46.1, remaining unchanged from the previous month; the performance index 46.0, remaining unchanged from the previous month; the expansion index 46.1, down 0.4 point; the confidence index 48.1, down 0.1 point; the financing index 50.5, down 0.4 point; the risk index 50.7, down 0.1 point; and the cost index 62.4, up 0.2 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 46.0, up 0.3 point; Northeast China at 46.8, down 1.4 points; East China at 47.0, down 0.1 point; South Central China at 47.4, up 0.2 point; Southwest China at 46.2, down 0.8 point; and Northwest China at 46.0, down 1.3 points.

 Fig. 3 Regional Development Index

I. SMEOI by Industry

In August, SMEOI of seven industries witnessed a trend of “one up and six downs”, which indicated that SMEs still operated under a certain downward pressure in the month.

Viewed from SMEOI of all industries (See Fig. 4), SMEs in all industries other than the accommodation & catering industry presented varying degrees of decline.

Fig. 4 Index Comparison of Industries

In August, SMEOI of the farming, forestry, husbandry and fishery stood at 45.8, down 0.5 point. Among it, the market index was 42.4, down 0.4 point; the purchasing index 46.0, up 0.6 point; and the performance index 42.8, down 1.0 point. In the month, SMEs in this industry operated slightly worse than last month, with production, factory price and income from principal business falling by 1.2 points, 2.6 points and 2.4 respectively; dragging down the gross profit rate by 1.7 points.

SMEOI of the manufacturing industry reported 45.2, down 0.3 point from the previous month. Among it, the market index was 40.8, down 0.4 point; the purchasing index 41.5, down 0.8 point; and the performance index 45.6, up 0.4 point. According to the survey results, the market supply & demand of SMEs in this industry suffered a slight drop, which incurred a decrease of 0.9 point, 0.8 point, 1.1 points and 0.8 point in production, order volume, purchasing quantity of raw materials and raw materials inventory, respectively.

SMEOI of the construction industry posted 45.8, down 0.6 point from the previous month. Among it, the market index, the purchasing index and the performance index fell by 0.5 point, 0.5 point and 0.3 point, respectively down to 43.8, 41.6 and 47.1. Seen from the survey results, SMEs in this industry saw a drop of 0.7 point in value of new engineering contracts, 1.1 points in income from project settlement, 0.7 point in purchasing quantity of raw materials and 0.5 point in raw materials inventory.

SMEOI of the transportation industry stood at 47.2, down 0.1 point slightly. Among it, the market index was 45.0, down 1.0 point; the purchasing index 45.5, up 0.8 point; and the performance index 45.1, down 0.3 point. Survey results showed that SMEs in this industry witnessed a drop of 2.5 points in traffic volume and 0.9 point in income from principal business, thus dragging down the gross profit rate by 2.2 points.

SMEOI of the wholesale and retail industry registered 48.6, down 0.3 point. Among it, the market index and the performance index dropped by 0.4 point and 0.2 point, to 47.1 and 46.5, respectively; and the purchasing index was 53.8, up 1.0 point. Specifically, backlog orders, sales volume and profit dropped by 2.5 points, 1.5 points and 1.4 points, respectively.

SMEOI of the accommodation & catering industry reported 48.5, up 0.4 point. Among it, the market index was 49.1, up 0.6 point; the purchasing index 47.5, down 0.5 point; and the performance index 47.8, up 0.6 point. Specifically, business volume and income from principal business of SMEs rose by 0.9 points and 1.4 points, respectively, contributing to a growth of gross profit rate by 2.5 points.

SMEOI of the service industry was recorded at 47.0, down 0.4 point. Among it, the market index was 45.5, down 1.2 points; the purchasing index 45.3, up 0.5 point; and the performance index 46.3, down 0.6 point. To be specific, business volume, volume of business reservations, service price and income from principal business decreased by 1.3 points, 1.7 points, 2.6 points and 2.0, respectively, and the gross profit rate thus dropped by 1.0 point.

II. SMEOI by Region

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

SMEOI of North China and South Central China rebounded by 0.3 point and 0.2 point, to 46.0 and 47.4, respectively. Among them, North China saw a rise of 1.9 points, 3.0 points and 2.7 points in the market index, the purchasing index and the performance index, to 44.3, 47.3 and 46.8, respectively; and South Central China embraced an increase of 0.8 point, 0.8 point, 2.5 points and 1.0 point in the purchasing index, the performance index, the confidence index and the risk index to 46.6, 47.2, 49.8 and 51.2, respectively.

SMEOI of Northeast China, East China, Southwest China and Northwest China encountered a setback, decreasing by 1.4 points, 0.1 point, 0.8 point and 1.3 points, respectively. All sub-indices of SMEs in Northeast China and Northwest China demonstrated a decline, while the counterparts in East China and Southwest China were highly affected by insufficient market supply & demand and falling profitability.

III. SME Financing and Risk

In August, the financing index reflecting the financing demand of SMEs (See Fig. 5) reported 50.5, down 0.4 point.

The financing index of SMEs in the farming, forestry, husbandry and fishery stood at 50.9, down 0.7 point; that in the manufacturing industry at 50.6, down 0.1 point; that in the construction industry at 50.0, down 0.6 point; that in the wholesale and retail industry at 50.4, down 1.2 points; and that in the accommodation & catering industry at 46.7, down 0.8 point.

In August, the risk index of SMEs (See Fig. 5) reached 50.7, with the decline narrowed by 0.1 point. The risk index of SMEs in the farming, forestry, husbandry and fishery, the accommodation & catering industry and the service industry increased slightly; that in the transportation industry embraced no change from the previous month; and that in the other industries saw a downward trend. According to the survey data, SMEs in the farming, forestry, husbandry and fishery, the transportation industry, the accommodation & catering industry and the service industry saw a sign of recovery in turnover of working capital over last month, and meanwhile those in the farming, forestry, husbandry and fishery, the accommodation & catering industry and the service industry had their payback period shortened over previous month.

Fig. 5 Financing Index and Risk Index of Industries

IV. Business Expectation of SMEs

In August, the expansion index went down by 0.4 point and the confidence index was 0.1 point lower than previous month, two of which are used to reflect the business expectation of SMEs.

In August, the expansion index of SMEs stood at 46.1, down 0.4 point from the previous month. That of SMEs in the service industry reported 46.3, down 1.2 points, accompanied with the decrease of 1.4 points and 1.2 points in new investment demand and labor demand, respectively; that in the wholesale and retail industry registered 46.8, down 0.7 point, evidenced by a decrease of 1.7 points in new investment demand for fixed assets.

In August, the confidence index of SMEs edged down 0.1 point to 48.1. The confidence index of SMEs in the farming, forestry, husbandry and fishery stood at 48.4, down 1.0 point; that in the manufacturing industry at 48.8, down 0.6 point; that in the construction industry at 44.7, down 0.2 point; that in the service industry at 44.2, down 1.2 points; and that in other industries saw a pickup in the confidence index.

 

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.