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July 2015 SMEOI Report by Economic Daily and PSBC

Date: 2016-05-13

In July 2015, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index (SMEOI)” (See Fig. 1) closed 47.0, down 0.2 point slightly from the previous month, indicating the operation of SMEs was underpowered 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, one flat and six downs”. Among them, the market index was 44.4, down 0.2 point; the purchasing index 46.1, down 0.2 point; the performance index 46.0, down 0.2 point; the expansion index 46.5, down 0.1 point; the confidence index 48.2, remaining unchanged from the previous month; the financing index 50.9, down 0.1 point; the risk index 50.8, down 0.2 point; and the cost index 62.2, up 0.7 point.

Fig. 2 Sub-indices of SMEs

The indices of six regions (See Fig. 3) presented a momentum of “three ups and three downs”. SMEOI of North China stood at 45.7, down 1.2 points; Northeast China at 48.2, up 1.4 points; East China at 47.1, up 0.2 point; South Central China at 47.2, down 1.2 points; Southwest China at 47.0, down 0.1 point slightly; and Northwest China at 47.3, up 0.8 point.

Fig. 3 Regional Development Index

I. SMEOI by Industry

In July, SMEOI of seven industries witnessed a trend of “three ups and four downs”, which indicated that SMEs still operated under a certain downward pressure.

Viewed from SMEOI of all industries (See Fig. 4), SMEs of the farming, forestry, husbandry and fishery, the transportation industry and the accommodation & catering industry saw a slight increase, while those in other industries presented varying degrees of decline.

Fig. 4 Index Comparison of Industries

In July, SMEOI of the farming, forestry, husbandry and fishery stood at 46.3, up 0.1 point slightly. Among it, the market index edged down 0.1 point to 42.8; the purchasing index was 45.4, up 0.3 point; and the performance index was 43.8, up 0.6 point. SMEs in this industry got stabilized gradually, accompanied with an increase of 1.7 points, 1.6 points and 2.5 points respectively in factory price, purchasing quantity of raw materials and gross profit rate.

SMEOI of the manufacturing industry reported 45.5, down 0.2 point from the previous month. Among it, the market index, the purchasing index and the performance index fell by 0.2 point, 0.1 point and 0.2 point, to 41.2, 42.3 and 45.2, respectively. Seen from the survey results, the market supply & demand of SMEs in this industry suffered a slight drop; and product inventory and purchasing quantity of raw materials fell by 0.4 point and 0.5 point, respectively, dragging down the profit rate and the gross profit rate by 0.2 point and 0.3 point, respectively.

SMEOI of the construction industry posted 46.4, 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, 1.2 points and 0.2 point, to 44.3, 42.1 and 47.4, respectively. According to the survey results, SMEs in this industry saw its quantities and value of new engineering contracts dropping by 1.2 points and 1.0 point respectively, dragging down purchasing quantity of raw materials and raw materials inventory by 1.3 points and 1.7 points respectively.

SMEOI of the transportation industry stood at 47.3, up 0.4 point. Among it, the market index was 46.0, up 0.6 point; the purchasing index 44.7, up 0.6 point; and the performance index 45.4, unchanged from the previous year. Survey results showed that the income from principal business of SMEs in this industry rose by 1.1 points, driving up raw materials inventory and the profit by 2.2 points and 1.1 points, respectively.

SMEOI of the wholesale next retail industry registered 48.9, down 0.1 point. Among it, the market index, the purchasing index and the performance index dropped by 0.2 point, 0.1 point and 0.1 point, to 47.5, 52.8 and 46.7, respectively, evidenced by a decrease of 0.5 point, 0.5 point and 0.2 point in sales order volume, sales volume and purchasing quantity, respectively.

SMEOI of the accommodation & catering industry reported 48.1, increasing by 0.3 point. Among it, the market index, the purchasing index and the performance index witnessed an increase of 0.9 point, 0.6 point and 0.4 point, to 48.5, 48.0 and 47.2, respectively. To be specific, the income from principal business of SMEs rose by 1.6 points and the purchasing quantity of raw materials grew by 1.0 point, contributing to the profit growth of 1.2 points.

SMEOI of the service industry was recorded at 47.4, down 0.4 point. Among it, the market index, the purchasing index and the performance index fell by 1.1 points, 0.7 point and 0.4 point, to 46.7, 44.8 and 46.9, respectively. To be specific, business volume, income from principal business and raw materials inventory decreased by 1.7 points, 1.3 points and 1.2 points, respectively, resulting in a profit reduction of 1.4 points.

II. SMEOI by Region

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

SMEOI of Northeast China, East China and Northwest China rebounded by 1.4 points, 0.2 point and 0.8 point, to 48.2, 47.1 and 47.3, respectively. Among them, Northeast China witnessed an increase of 1.1 points, 2.1 points and 3.1 points in the market index, the expansion index and the confidence index, to 44.6, 48.6 and 56.2, respectively; and Northwest China was mainly driven by market supply & demand recovery, enhancement in purchase intention and increase of expansion intention.

SMEOI of North China, South Central China and Southwest China encountered a setback, down 1.2 points, 1.2 points and 0.1 point, respectively. SMEs of North China were mainly affected by the downturn of market operation, insufficiency of purchase intention and falling profitability, while those of South Central China were exposed to a major influence from insufficient financing intention and relatively great risk.

III. SME Financing and Risk

In July, the financing index reflecting the financing demand of SMEs (See Fig. 5) reported 50.9, down 0.1 point slightly.

The financing index of SMEs in the farming, forestry, husbandry and fishery stood at 51.6, down 1.1 points; that in the manufacturing industry at 50.7, down 0.3 point; that in the construction industry at 50.6, down 0.5 point; and that in the accommodation & catering industry at 47.5, down 0.7 point.

In July, the risk index of SMEs of (See Fig. 5) registered 50.8, which kept falling but the decline narrowed to 0.2 point. The risk index of SMEs in the farming, forestry, husbandry and fishery, the construction industry and the transportation industry increased slightly while other industries saw a downward trend. Among them, the service industry incurred a decline of 1.7 points. Seen from the survey data, all industries except the farming, forestry, husbandry and fishery, the construction industry and the transportation industry suffered a decline in turnover of working capital and most industries saw an extension in their payback period in varying degrees.

Fig. 5 Financing Index and Risk Index of Industries

IV. Business Expectation of SMEs

In July, the expansion index edged down 0.1 point and the confidence index maintained the same level as that of previous month, two of which are used to reflect the business expectation of SMEs.

In July, the expansion index of SMEs stood at 46.5, down 0.1 point slightly from the previous month. That of SMEs in the construction industry reported 43.8, down 0.5 point, accompanied with a decrease of 0.9 point in labor demand; that in the manufacturing industry posted 46.3, down 0.3 point, evidenced by a decrease of 0.4 point and 0.7 point in new investment demand for fixed assets and labor demand, respectively.

In July, the confidence index of SMEs reported 48.2, remaining unchanged from the previous month. Among them, the confidence index of SMEs in the farming, forestry, husbandry and fishery and the construction industry witnessed an increase of 0.7 point and 0.9 point, to 49.4 and 44.9, respectively; and that in other industries incurred a decline, but the decline remained below 1 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.