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November 2015 SMEOI Report by Economic Daily and PSBC

Date: 2016-05-13

In November 2015, “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index (SMEOI)” (See Fig. 1) edged down 0.1 point to 46.5, indicating that small and micro-sized enterprises (SMEs) still operated under a downward pressure in the month.

Fig. 1 Economic Daily-PSBC SMEOI

All the sub-indicators and sub-indices (See Fig. 2) showed a momentum of “two ups and six downs”. Among them, the market index was recorded at 43.7, down 0.1 point from the previous month; the purchasing index 45.7, down 0.2 point; the performance index 45.8, down 0.2 point; the expansion index 46.1, up 0.1 point; the confidence index 47.9, down 0.2 point; the financing index was 50.4, down 0.1 point; the risk index 51.0, down 0.2 point; and the cost index 62.2, up 0.4 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 45.8, up 0.1 point; Northeast China at 45.8, down 1.1 points; East China at 46.2, up 0.3 point; South Central China at 47.8, down 0.1 point; Southwest China at 45.2, down 0.3 point; and Northwest China at 44.2, down 0.4 point.

Fig. 3 Regional Development Index

I. SMEOI by Industry

In November, SMEOI of seven industries showed a trend of “four ups, one flat and two downs”, which still put the downward pressure on the operations of SMEs.

Viewed from SMEOI of all industries (See Fig. 4), SMEs of the farming, forestry, husbandry and fishery, the transportation industry, the accommodation & catering industry and the service industry operated better to varying extents, those in the construction industry embraced no change from the previous month, and those in the manufacturing industry and the wholesale and retail industry witnessed a slight decrease in their operating index.

Fig. 4 Index Comparison of Industries

In November, SMEOI of the farming, forestry, husbandry and fishery stood at 45.8, up 0.3 point from the previous month. Among it, the market index, the purchasing index and the performance index were 43.2, 46.4 and 43.4, up 0.8 point, 0.9 point and 0.4 point, respectively. According to the survey results, SMEs in this industry saw an increase of 1.3 points, 1.8 points, 1.7 points and 2.0 points in order volume, income from principal business, product inventory and raw materials inventory, driving up the gross profit rate by 0.7 point.

SMEOI of the manufacturing industry reported 44.9, down 0.3 point from the previous month. Among it, the market index, the purchasing index and the performance index fell by 0.2 point, 0.5 point and 0.5 point, to 40.2, 40.7 and 44.9, respectively. Seen from the survey results, SMEs in this industry witnessed a decrease of 0.3 point, 0.6 point and 1.0 point in production, backlog order volume and raw materials inventory, dragging down the gross profit rate by 0.8 point.

SMEOI of the construction industry registered 45.8, remaining unchanged from previous month. Among it, the market index, the purchasing index and the performance index grew by 0.2 point, 0.1 point and 0.2 point, to 44.0, 41.8 and 47.3, respectively. According to the survey results, SMEs in this industry witnessed an increase of 0.4 point, 1.0 point and 0.4 point in quantities, income from project settlement and purchasing quantity of raw materials, contributing to a profit growth of 0.9 point.

SMEOI of the transportation industry stood at 46.9, up 0.1 point slightly. Among it, the market index was 45.3, up 0.2 point; the purchasing index 45.1, up 0.6 point; the performance index 45.1, up 0.3 point. Survey results showed that the SMEs in this industry achieved an increase of 0.7 point in volume of business reservations, 1.1 points in service price and 1.1 points in raw materials inventory, increasing the gross profit rate by 1.6 points.

SMEOI of the wholesale and retail industry reported 48.5, down 0.3 point. Among it, the market index, the purchasing index and the performance dropped by 0.4 point, 0.5 point and 0.1 point, to 46.7, 53.5 and 46.7, respectively, evidenced by the increase of 0.8 point, 0.8 point, 0.6 point and 0.9 point in sales order volume, inventory, purchasing quantity and profit, respectively.

SMEOI of the accommodation & catering industry stood at 48.5, up 0.1 point. Among it, the market index was 49.3, up 0.2 point; the purchasing index 47.7, down 0.4 point; and the performance index 47.7, down 0.1 point. Specifically, volume of business reservations and service price of SMEs rose by 0.9 point and 0.4 point, respectively, driving up the gross profit rate by 1.5 points.

SMEOI of the service industry was recorded at 46.8, representing a slight rise of 0.1 point from the previous month. Among it, the market index and the purchasing index were 45.4 and 45.3, increasing by 0.4 point and 0.6 point, respectively; and the performance index was 45.7, down 0.2 point. Specifically, business volume and purchasing quantity of raw materials rose by 0.7 point and 1.0 point, respectively, but both profit rate and gross profit rate suffered a drop of 0.3 point each.

II. SMEOI by Region

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

SMEOI of North China and East China rose by 0.1 point and 0.3 point over the previous month, to 45.8 and 46.2, respectively. North China saw the market index and the performance index rising by 0.6 point and 1.3 points, to 43.0 and 44.7, respectively; East China achieved an increase of 0.8 point, 0.2 point and 2.1 points in the performance index, the expansion index and the financing index, to 45.1, 46.4 and 49.3, respectively.

SMEOI of Northeast China, South Central China, Southwest China and Northwest China encountered a setback, decreasing by 1.1 points, 0.1 point, 0.3 point and 0.4 point, respectively. Northeast China witnessed a decline of sub-indices other than the financing index; South Central China suffered a drop of 0.8 point in both the market index and the performance index; Southwest China was greatly influenced by the falling trend of the confidence index and the financing index; Northwest China incurred a decrease in all sub-indices other than the confidence index which rose by 0.1 point slightly.

III. SME Financing and Risk

In November, the financing index reflecting the financing demand of SMEs (See Fig. 5) edged down 0.1 point to 50.4.

The financing index of SMEs in the farming, forestry, husbandry and fishery stood at 48.5, down 0.8 point; that in the construction industry at 49.1, down 0.8 point; that in the transportation industry at 50.9, down 0.2 point; and that in the wholesale and retail industry at 50.4, down 0.3 point.

In November, the risk index of SMEs (See Fig. 5) registered 51.0, down 0.2 point. Among it, the risk index of SMEs in the farming, forestry, husbandry and fishery stood at 52.1, down 0.3 point; that in the manufacturing industry at 50.5, down 0.7 point; that in the transportation industry at 49.4, down 1.1 points; and that in the service industry at 49.3, down 0.7 point.

Fig. 5 Financing Index and Risk Index of Industries

IV. Business Expectation of SMEs

In November, the expansion index rose slightly and the confidence index declined, two of which are used to reflect the business expectation of SMEs.

In November, the expansion index of SMEs stood at 46.1, up 0.1 point slightly from the previous month. That of SMEs in the farming, forestry, husbandry and fishery reported at 47.5, up 1.0 point, accompanied with the increase of 0.5 point and 1.8 points in new investment demand and labor demand, respectively; that in the transportation industry posted 46.5, up 1.0 point, with the labor demand growing by 1.5 points; and that in the accommodation & catering industry was 47.1, up 0.5 point, viewed from the increase of 0.8 point in new investment.

In November, the confidence index of SMEs reported 47.9, down 0.2 point. That in the manufacturing industry stood at 48.8, down 0.6 point; that in the wholesale and retail industry at 48.0, down 0.5 point; and that in the accommodation & catering industry at 50.1, down 0.4 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.