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April 2015 SMEOI Report by Economic Daily and PSBC

Date: 2016-05-13

In April 2015, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index (SMEOI)” (See Fig. 1) edged down 0.1 point to 47.2, below the critical point.

All the sub-indicators and sub-indices (See Fig. 2) showed a momentum of “four ups and four downs”. Among them, the market index was 44.6, down 0.3 point; the purchasing index 46.5, up 0.6 point; the performance index 45.8, up 0.1 point; the expansion index 47.1, up 0.4 point; the confidence index 49.3, up 0.1 point; the financing index 50.5, down 1.2 points; the risk index 52.1, down 0.1 point; and the cost index 59.6, down 1.6 points.

According to SMEOI of six regions (See Fig. 3), except North China and Northeast China, other regions presented varying degrees of decline. SMEOI of North China stood at 49.2, up 0.3 point; Northeast China at 47.5, up 1.8 points; East China at 46.3, down 0.2 point; South Central China at 47.5, down 0.3 point; Southwest China at 46.5, down 0.2 point; and Northwest China at 47.8, down 1.4 points.

I. SMEOI by Industry

A rise was seen in SMEs of the farming, forestry, husbandry and fishery, the transportation industry, and the wholesale and retail industry.

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

In April, SMEOI of the farming, forestry, husbandry and fishery stood at 46.8, up 1.0 point. Among it, the market index, the purchasing index and the performance index were 44.0, 47.3 and 44.3, rising by 1.1 points, 2.2 points and 1.4 points, respectively. Small and micro-sized market of the farming, forestry, husbandry and fishery turned the corner, with production up by 2.2 points, purchasing quantity of raw materials up by 2.9 points, profit rate up by 2.1 points and gross profit rate up by 1.8 points, respectively.

SMEOI of the manufacturing industry reported 45.7, down 0.7 point from the previous month. Data showed that the market supply and demand of SMEs was tight, leading to a drop of 1.1 points in the market index. Seen from the survey results, both production and order volume declined, down by 3.7 points and 3.0 points, respectively. The purchasing index and the performance index of SMEs in this industry hit 42.5 and 44.9, representing a slight rise of 0.2 point and 0.1 point, respectively.

SMEOI of the construction industry posted 46.1, down 0.5 point from the previous month. Among it, the market index and the performance index dropped by 0.7 point and 1.1 points, to 44.4 and 46.5, respectively. Survey results showed that quantities of SMEs in this industry dropped by 0.9 point, resulting in a drop of 2.1 points and 1.2 points in profit rate and gross profit rate, respectively.

SMEOI of the transportation industry stood at 47.6, up 0.1 point slightly. Among it, the market index was 44.9, down 1.3 points; the purchasing index 45.0, up 1.5 points; the performance index 46.0, down 0.8 point. According to the survey results, SMEs saw a drop of 2.5 points in traffic volume and 2.9 points in purchasing quantity of raw materials in April. Expenses for transportation and raw material purchasing, etc. rose somewhat, dragging down the profit by 2.6 points.

SMEOI of the wholesale and retail industry registered 49.2, up 0.4 point. Among it, the market index, the performance index and the purchasing index rose by 0.7 point, 0.5 point and 1.2 points, to 47.8, 46.1 and 53.1, respectively, as seen in an increase of 2.2 points, 1.4 points and 1.6 points in sales order volume, purchasing quantity and profit, respectively.

SMEOI of the accommodation & catering industry reported 46.7, a slight decline of 0.1 point. Among it, the purchasing index dropped by 0.7 point, to 46.2, specifically reflected in a drop of 1.2 points in purchasing quantity of raw materials by SMEs. The performance index of SMEs in this industry was 46.1, representing a drop of 0.9 point, and the gross profit rate thus dropped by 2.4 points.

SMEOI of the service industry was recorded at 47.8, falling 0.3 point. Among it, the purchasing index dropped by 1.6 points, to 46.3, specifically reflected in a drop of 0.5 point and 3.9 points in purchasing quantity and inventory of raw materials. The market index of SMEs in this industry was 47.5, a slight rise of 0.3 point and the performance index grew by 0.9 point, to 48.4, driving up the profitability slightly.

II. SMEOI by Region

In April, the operating index of six regions (See Fig. 3) remained sluggish, presenting a momentum of two ups and four downs.

SMEOI of North China and Northeast China rebounded by 0.3 point and 1.8 points, to 49.2 and 47.5, respectively. Specifically, in Northeast China, the market index, the performance index and the confidence index increased by 0.7 point, 1.3 points and 1.1 points to 44.5, 46.0 and 54.2 respectively.

SMEOI of East China, South Central China, Southwest China and Northwest China all suffered a decline to 46.3, 47.5, 46.5 and 47.8, respectively. Among them, the sharpest drop of 1.4 points occurred to Northwest China where the market index and the performance index fell by 2.7 points and 3.1 points, to 44.0 and 45.4, respectively.

III. Business Expectation of SMEs

In April, both the expansion index and the confidence index of SMEs were on the rise.

Except the manufacturing industry and the accommodation & catering industry, other surveyed industries witnessed an upward trend in the expansion index in the month. The expansion index of SMEs reported 47.1, up 0.4 point from the previous month. Among them, the expansion index of SMEs in the farming, forestry, husbandry and fishery reached 48.2, up 2.6 points. To be specific, the investment in fixed assets and labor demand rose by 2.4 points and 3.1 points, respectively. The expansion index of SMEs in the transportation industry rose by 1.2 points to 47.3, with the investment in fixed assets and labor demand rising by 1.8 points and 2.4 points, respectively. However, the expansion index of SMEs in the accommodation & catering industry showed a sharp drop of 1.4 points, to 45.5. In general, seven industries showed ups and downs in the expansion index, but the index remained below the critical value of 50, revealing a continuous contraction of the expansion demand. Some industries embraced no obvious increase in new investment demand and labor demand.

In April, the confidence index of SMEs posted 49.3, up 0.1 point, representing ups and downs across all industries. Among them, the confidence index of SMEs in the manufacturing industry, the wholesale and retail industry, and the accommodation & catering industry rose by 0.2 point, 0.5 point and 2.5 points, to 50.7, 50.1 and 50.3, respectively.

IV. SME Financing and Risk

In April, the financing index of SMEs (See Fig. 5) stood at 50.5, down 1.2 points. Except the farming, forestry, husbandry and fishery and the transportation industry, other industries incurred a falling decline in the financing demand.

The financing index of SMEs in the farming, forestry, husbandry and fishery and transportation industry grew by 0.6 point and 1.9 points, to 51.7 and 53.2, respectively. In the month, the financing index of SMEs in the accommodation & catering industry still stayed at low level and it dropped by 0.2 point, to 46.1, remaining shrinkage.

In April, the risk index of SMEs (See Fig. 5) reported 52.1, down 0.1 point. Specifically, that in the farming, forestry, husbandry and fishery, the wholesale and retail industry, the accommodation & catering industry and the service industry dropped by 2.6 points, 1.3 points, 0.9 point and 0.7 point, to 50.6, 52.7, 51.8 and 51.1, respectively. SMEs of these four industries incurred a decline in the turnover of working capital. The farming, forestry, husbandry and fishery, the wholesale and retail industry and the accommodation & catering industry saw their payback period extended in varying degrees.

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.

 

Fig. 1 SMEOI

Fig. 2 Sub-indices of SMEs

Market index

Purchasing index

Performance index

Expansion index

Confidence index

Financing index

Risk index

Cost index

March 2015

44.9

45.9

45.7

46.7

49.2

51.7

52.2

61.2

April 2015

44.6

46.5

45.8

47.1

49.3

50.5

52.1

59.6

 

Fig. 3 Regional Development Index

Fig. 4 Index Comparison of Industries

Manufacturing industry

Wholesale and retail industry

Construction industry

Transportation industry

Farming, forestry, husbandry and fishery

Accommodation&catering industry

Service industry

April 2015

45.7

49.2

46.1

47.6

46.8

46.7

47.8

March 2015

46.4

48.8

46.6

47.5

45.8

46.8

48.1

 

Fig. 5 Financing Index and Risk Index of Industries

Farming, forestry, husbandry and fishery

Manufacturing industry

Construction industry

Transportation  industry

Wholesale and retail industry

Accommodation&catering industry

Service industry

Financing index

51.7

50.1

48.7

53.2

52.2

46.1

48.6

Risk index

50.6

52.1

51.6

52.4

52.7

51.8

51.1