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In June 2015, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index (SMEOI)” (See Fig. 1) closed 47.2, remaining unchanged from the previous two months, indicating that SMEs operated stably overall.
Fig. 1 Economic Daily-PSBC SMEOI
All the sub-indicators and sub-indices (See Fig. 2) together showed a momentum of “two ups and six downs”. Among them, the market index was 44.6, down 0.3 point; the purchasing index 46.3, down 0.4 point; the performance index 46.2, down 0.1 point; the expansion index 46.6, down 0.2 point; the confidence index 48.2, down 0.4 point; the financing index 51.0, up 0.3 point; the risk index 51.0, down 0.3 point; and the cost index 61.5, up 2.3 points.
Fig. 2 Sub-indices of SMEs
The indices of six regions (See Fig. 3) together presented a momentum of “three ups and three downs”. SMEOI of North China stood at 46.9, down 1.6 points; Northeast China at 46.8, up 0.2 point slightly; East China at 46.9, down 0.2 point; South Central China at 48.4, up 0.6 point; Southwest China at 47.1, up 0.6 point; and Northwest China at 46.5, down 1.7 points.
Fig. 3 Regional Development Index
I. SMEOI by Industry
In June, SMEOI of seven industries show witnessed a trend of “two ups and five downs”, which indicated that SMEs still operated under a certain downward pressure.
Viewed from SMEOI of all industries (See Fig. 4), other industries other than the farming, forestry, husbandry and fishery and the construction industry presented varying degrees of decline.
Fig. 4 Index Comparison of Industries
In June, SMEOI of the farming, forestry, husbandry and fishery stood at 46.2, up 0.2 point slightly. Among it, the market index was 42.9, up 0.4 point; the purchasing index 45.1, down 0.3 point; and the performance index 43.2, up 0.3 point. According to the survey results, the output and performance of SMEs in this industry rose somewhat, with production up by 0.3 point slightly, income from principal business by 1.7 points and profit rate by 1.5 points, respectively.
SMEOI of the manufacturing industry reported 45.7, down 0.1 point from the previous month. Among it, the market index, the purchasing index and the performance index fell by 0.4 point, 0.4 point and 0.3 point, to 41.4, 42.4 and 45.4, respectively. Seen from the survey results, SMEs in this industry incurred a decrease in the market supply & demand, with both production and order volume declining by 0.7 point and 0.4 point, respectively; and saw factory price and raw materials inventory falling by 1.0 point and 0.4 point, respectively, dragging down the profit rate by 0.5 point.
SMEOI of the construction industry posted 46.7, up 0.3 point from the previous month. Among it, the market index was 44.9, up 0.3 point; the purchasing index 43.3, down 0.1 point; and the performance index 47.6, up 0.3 point. Survey results showed that SMEs in this industry saw the quantities growing by 1.3 points and the value of new engineering contracts remaining unchanged from the previous month, contributing to a profit growth of 1.0 point.
SMEOI of the transportation industry stood at 46.9, down 0.3 point. Among it, the market index was 45.4, down 0.2 point; the purchasing index 44.1, down 0.3 point; and the performance index 45.4, almost no change from the previous year. Survey results showed that SMEs in this industry witnessed a drop of 0.6 point in both service price and raw materials inventory, dragging down the profit rate by 0.7 point.
SMEOI of the wholesale and retail industry registered 49.0, down 0.2 point. Among it, the market index, the purchasing index and the performance index dropped by 0.2 point, 0.7 point and 0.3 point, to 47.7, 52.9 and 46.8, respectively, evidenced by a decrease of 0.7 point, 0.8 point and 0.4 point in wholesale and retail price, purchasing quantity and profit rate, respectively.
SMEOI of the accommodation & catering industry reported 47.8, down 0.1 point. Among it, the market index, the purchasing index and the performance index fell by 0.1 point, 0.5 point and 0.2 point, to 47.6, 47.4 and 46.8, respectively. To be specific, the income from principal business of SMEs dropped by 0.4 point and the raw materials inventory decreased by 0.8 point, dragging down the gross profit rate by 0.4 point.
SMEOI of the service industry edged down 0.1 point to 47.8. Among it, the market index fell by 0.2 point, to 47.8, specifically reflected in a decrease of 1.1 points and 0.7 point respectively in business volume and volume of business reservations. The purchasing index of SMEs in this industry was 45.5, remaining unchanged from previous month, and the performance index posted 47.3, up 0.4 point.
II. SMEOI By Region
In June, the operating index of six regions showed a momentum of “three ups and three downs”.
SMEOI of Northeast China, South Central China and Southwest China rebounded by 0.2 point, 0.6 point and 0.6 point, to 46.8, 48.4 and 47.1, respectively. Specifically, South Central China witnessed an increase of 1.1 points, 0.3 point and 1.8 points respectively in the purchasing index, the confidence index and the financing index, respectively; Southwest China was mainly driven by market supply & demand recovery, enhancement in purchase intention and increase of financing intention.
SMEOI of North China, East China and Northwest China encountered a setback, decreasing by 1.6 points, 0.2 point and 1.7 points, respectively. All sub-indices of North China dropped; all sub-indices other than the cost index of Northwest China saw with a downslide.
III. SME Financing and Risk
In June, the financing index reflecting the financing demand of SMEs (See Fig. 5) reported 51.0, up 0.3 point. The financing index of SMEs in the manufacturing industry and the construction industry rose by 0.5 point and 0.8 point, respectively.
The financing index of SMEs in the farming, and forestry, husbandry and fishery stood at 52.7, equaling to that of the previous month; that in the manufacturing industry at 51.0, up 0.5 point; that in the construction industry at 51.1, up 0.8 point; that in the wholesale and retail industry at 51.5, up 0.4 point; and that in the accommodation & catering industry at 48.2, up 0.2 point.
In June, the risk index of SMEs of (See Fig. 5) registered 51.0, which kept falling but at a reduced degree. The risk index of SMEs in the farming, forestry, husbandry and fishery, the accommodation & catering industry and the servicing industry increased slightly; that in the transportation industry remained unchanged from previous month; and that in other industries experienced a downward trend. Among them, the wholesale and retail industry incurred a decline of 0.7 point. Survey data indicated that, all industries except the manufacturing industry and the accommodation & catering industry saw a declined turnover of working capital and most industries witnessed a shortened payback period to vary degrees.
Fig. 5 Financing Index and Risk Index of Industries
IV. Business Expectation of SMEs
In June, the expansion index and the confidence index continued to decline, two of which are used to reflect the business expectation of SMEs.
In June, except the farming, forestry, husbandry and fishery, other surveyed industries showed a falling trend in the expansion index. The expansion index of SMEs stood at 46.6, down 0.2 point from the previous month. That in the wholesale and retail industry posted 47.5, down 0.3 point, reflected in the decrease of 1.0 point in new investment; that in the accommodation & catering industry stood at 45.5, down 0.5 point, as seen in the decrease of 0.2 point and 0.8 point in new investment demand for fixed assets and labor demand, respectively.
In June, the confidence index of SMEs reported 48.2, down 0.4 point. Except the accommodation & catering industry and the service industry, other industries all incurred a decline in this index, but the fall remained below 1 point.
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.