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Economic Daily – PSBC Small and Micro-sized Enterprise Operating Index Report of September 2021

2021-10-21

Sound Operation of Enterprises, Enhanced Market Vitality

Research Group of Economic Daily – PSBC Small and Micro-sized Enterprise Operating Index

The Economic Daily – PSBC Small and Micro-sized Enterprise Operating Index (hereinafter referred to as “SMEOI”) reported 44.5 in September, up by 0.2 point from the previous month. SMEOI has improved steadily since September 2020. The market index and performance index showed a continuous recovery trend, the confidence index, purchasing index, expansion index and risk index fluctuated at a certain level, and the financing index and cost index remained above the prosperity threshold. This reflects the continuous improvement of the financing environment for micro and small enterprises (MSEs) and the continuous decline of comprehensive costs.

Fig. 1 Economic Daily – PSBC SMEOI

Of the eight component indices, six indices went up, one remained unchanged and the other one went down. Specifically, the market index was 40.1, up 0.2 point; the purchasing index stood at 42.6, up 0.3 point; the performance index registered 44.6, up 0.2 point; the expansion index read 42.6, up 0.1 point; the confidence index posted 41.7, up 0.2 point; the financing index recorded 52.9, on a par with that in the previous month; the risk index climbed 0.1 point to 49; and the cost index closed at 62.9, down 0.2 point.

Fig. 2 Component Indices of Economic Daily – PSBC SMEOI

Table 1 Changes of SMEOI and Component Indices in the Past 12 Months

Index name

SMEOI

Market index

Purchasing index

Performance index

Expansion index

Confidence index

Financing index

Risk index

Cost index

Oct-20

43.9

39.3

42.4

44.0

42.9

41.6

52.0

48.4

62.4

Nov-20

44.0

39.5

42.3

44.2

42.7

41.3

52.3

48.5

62.6

Dec-20

44.1

39.5

42.1

44.2

42.8

41.1

52.8

48.8

62.5

Jan-21

44.1

39.6

42.2

44.4

42.6

41.0

52.8

48.8

62.6

Feb-21

44.1

39.5

42.1

44.3

42.6

41.4

52.8

48.9

63.2

Mar-21

44.3

39.8

42.4

44.5

42.7

41.4

52.9

48.9

62.9

Apr-21

44.3

39.7

42.4

44.6

42.7

41.4

52.9

48.8

62.9

May-21

44.3

39.5

42.2

44.5

42.8

41.1

53.2

49.2

63.2

Jun-21

44.3

39.8

42.4

44.3

42.6

41.4

52.9

48.9

63.0

Jul-21

44.4

40.0

42.5

44.5

42.6

41.6

52.9

49.0

63.0

Aug-21

44.3

39.9

42.3

44.4

42.5

41.5

52.9

48.9

63.1

Sep-21

44.5

40.1

42.6

44.6

42.6

41.7

52.9

49.0

62.9

All of the seven industry indices went up

As to SMEOI, all of the seven industry indices went up. To be specific, the market index of the agriculture, forestry, animal husbandry & fishery industry went up the most by 0.2 point; the purchasing index of the manufacturing industry increased the most by 0.3 point; the performance index of the construction industry rose the most by 0.2 point; the purchasing index of the transportation industry increased the most by 0.4 point; the purchasing index of the wholesale & retail industry rose the most by 0.4 point; the market index of the accommodation & catering industry increased the most by 0.5 point; and the purchasing index of the service industry climbed the most by 0.4 point.

Fig. 3 Comparison of Industry Indices

The index of the agriculture, forestry, animal husbandry & fishery industry reported 43.8 in September, up 0.1 point. To be specific, the market index registered 40.1, up 0.2 point; the purchasing index rose by 0.1 point to 41.6; the performance index recorded 43.8, up 0.1 point. According to the survey results, the output of MSEs in the agriculture, forestry, animal husbandry & fishery industry increased by 0.2 point, orders up 0.1 point, income from principal business up 0.6 point, raw material procurement up 0.3 point, raw material inventory down 0.1 point, profit up 0.4 point and gross profit margin on a par with that in the previous month.

The index of the manufacturing industry reported 45.3, up 0.1 point. To be specific, the market index stood at 39.2, up 0.1 point; the purchasing index rose by 0.3 point to 39.9; the performance index was 48.1, up 0.1 point. According to the survey results, the output, orders (OEM), income from principal business (income from product sales), raw material procurement, raw material inventory and profit of MSEs in the manufacturing industry went up by 0.2 point, 0.3 point, 0.1 point, 0.5 point, 0.2 point and 0.2 point, respectively; while the gross profit margin went down by 0.1 point.

The index of the construction industry reported 40.8, up 0.1 point. To be specific, the market index registered 37.2, up 0.1 point; the purchasing index remained at the same level as the previous month at 38.4; the performance index was 42, up 0.2 point. According to the survey results, the engineering volume of MSEs in the construction industry went up by 0.3 point, new construction contract value up 0.3 point, project settlement revenue on a par with the previous month, raw material procurement up 0.3 point, raw material inventory down 0.3 point, profit up 0.4 point, and gross profit margin up 0.1 point.

The index of the transportation industry reported 43.1, up 0.2 point. To be specific, the market index, the purchasing index and the performance index were 41, 37.3 and 43.3 respectively, up 0.3 point, 0.4 point and 0.2 point. According to the survey results, the freight volume (passenger/cargo), business reservation volume, income from principal business, raw material procurement, raw material inventory, profit and gross profit margin of MSEs in the transportation industry increased by 0.3 point, 0.4 point, 0.4 point, 0.3 point, 0.7 point, 0.3 point and 0.2 point, respectively.

The index of the wholesale & retail industry reported 45.8, up 0.2 point. To be specific, the market index, the purchasing index and the performance index were 43, 49.6 and 42.7 respectively, up by 0.2 point, 0.4 point and 0.2 point. The sales order volume, sales amount, purchase volume, profit, gross profit, new investments and the number of new employees increased by 0.2 point, 0.2 point, 0.4 point, 0.5 point, 0.2 point, 0.1 point and 0.1 point, respectively.

The index of the accommodation & catering industry reported 40.5, up 0.3 point. To be specific, the market index, the purchasing index and the performance index were 39.6, 39.4 and 40.2 respectively, up by 0.5 point, 0.3 point and 0.3 point. The business volume went up by 0.5 point, income (turnover) from principal business up 0.7 point, raw material procurement up 0.5 point, raw material inventory up 0.3 point, profit up 0.6 point, gross profit margin up 0.3 point, and new investments (storefronts, business area and equipment) down 0.1 point.

The index of the service industry reported 41.5, up 0.2 point. To be specific, the market index, the purchasing index and the performance index were 37, 41.5 and 39.8 respectively, up 0.3 point, 0.4 point and 0.3 point. The business volume increased by 0.3 point, business reservation volume up 0.2 point, income (turnover) from principal business up 0.4 point, raw material procurement up 0.6 point, raw material inventory up 0.6 point, profit up 0.5 point, and gross profit margin up 0.4 point.

Table 2 Changes to Each Industry Index by Component Indices


SMEOI

Market index

Purchasing index

Performance index

Expansion index

Confidence index

Financing index

Risk index

Cost index

SMEOI

0.2

0.2

0.3

0.2

0.1

0.2

0.0

0.1

-0.2

Agriculture, forestry, animal husbandry & fishery industry

0.1

0.2

0.1

0.1

0.1

0.0

0.0

0.3

0.1

Manufacturing industry

0.1

0.1

0.3

0.1

0.1

0.2

0.0

0.0

-0.2

Construction industry

0.1

0.1

0.0

0.2

0.1

0.1

0.0

0.0

0.0

Transportation industry

0.2

0.3

0.4

0.2

0.1

0.2

0.0

0.0

0.0

Wholesale & retail industry

0.2

0.2

0.4

0.2

0.1

0.1

0.1

0.1

-0.2

Accommodation & catering industry

0.3

0.5

0.3

0.3

0.1

0.2

0.0

0.2

-0.2

Service industry

0.2

0.3

0.4

0.3

0.1

0.1

0.0

0.1

-0.3

Five out of the six regional indices went up and the other one remained the same

Of the six regional indices, five went up and the other one remained the same as the previous month. The North China index reported 42.3, up 0.2 point. Specifically, the market index was 37.4, up 0.3 point; the purchasing index stood at 39.7, up 0.3 point; the performance index registered 42.2, up 0.3 point; the expansion index read 38, up 0.1 point; the confidence index posted 38.4, up 0.1 point; the financing index recorded 54.3, up 0.1 point; the risk index increased by 0.2 point to 47.3; and the cost index closed at 68.2, down 0.2 point.

Fig. 4 Regional Development Index

The Northeast China index reported 41, up 0.1 point. Specifically, the market index was 35, up 0.2 point; the purchasing index stood at 37.8, up 0.3 point; the performance index registered 41.6, up 0.2 point; the expansion index was 38.7, on a par with that of last month; the confidence index posted 42.4, up 0.1 point; the financing index recorded 49.9, the same as last month; the risk index read 53.5, down 0.1 point; and the cost index closed at 69.3 after a rise of 0.1 point.

The East China index reported 45.5, up 0.1 point. Specifically, the market index was 43.9, up 0.1 point; the purchasing index stood at 45.4, up 0.2 point; the performance index registered 45.8, the same as last month; the expansion index rose 0.1 point to 44.3; the confidence index posted 42, up 0.2 point; the financing index recorded 49.5, the same as last month; the risk index read 48.3, on a par with that of last month; and the cost index closed at 60.7, down 0.2 point.

The Central & South China index reported 46.7, up 0.2 point. Specifically, the market index was 44.6, up 0.3 point; the purchasing index stood at 46.1, up 0.5 point; the performance index registered 44.6, up 0.2 point; the expansion index stood at 44.7, up 0.2 point; the confidence index posted 41.9, up 0.2 point; the financing index recorded 55.3, the same as last month; the risk index read 47.5, up 0.2 point; and the cost index closed at 64.6 after a drop of 0.2 point.

The Southwest China index reported 43.6, on a par with the previous month. Specifically, the market index rose 0.1 point to 41.6; the purchasing index was 44.4, the same as the previous month; the performance index registered 44.9, up 0.2 point; the expansion index stood at 43.7, down 0.1 point; the confidence index posted 37.9, the same as the previous month; the financing index recorded 48.4, up 0.1 point; the risk index read 48.8, down 0.2 point; and the cost index closed at 60 after a decline of 0.4 point.

The Northwest China index reported 41.7, up 0.2 point. Specifically, the market index was 37.6, up 0.3 point; the purchasing index stood at 37.8, up 0.4 point; the performance index registered 44.4, up 0.1 point; the expansion index stood at 39.5, up 0.1 point; the confidence index posted 33.4, up 0.2 point; the financing index recorded 49.8, down 0.1 point; the risk index read 48.2, up 0.1 point; and the cost index closed at 65.1, on a par with that in the previous month.

Table 3 Changes to Each Regional Index by Component Indices


SMEOI

Market index

Purchasing index

Performance index

Expansion index

Confidence index

Financing index

Risk index

Cost index

SMEOI

0.2

0.2

0.3

0.2

0.1

0.2

0.0

0.1

-0.2

North China

0.2

0.3

0.3

0.3

0.1

0.1

0.1

0.2

-0.2

Northeast China

0.1

0.2

0.3

0.2

0.0

0.1

0.0

-0.1

0.1

East China

0.1

0.1

0.2

0.0

0.1

0.2

0.0

0.0

-0.2

Central & South China

0.2

0.3

0.4

0.2

0.2

0.2

0.0

0.2

-0.2

Southwest China

0.0

0.1

0.0

0.2

-0.1

0.0

0.1

-0.2

-0.4

Northwest China

0.2

0.3

0.4

0.1

0.1

0.2

-0.1

0.1

0.0

The market recovered and confidence improved

In September, the market index reflecting the market situation of MSEs gained 0.2 point to 40.1. By industry, the market index of the agriculture, forestry, animal husbandry & fishery industry was 40.1, up 0.2 point; that of the manufacturing industry reported 39.2, up 0.1 point; that of the construction industry read 37.2, up 0.1 point; that of the transportation industry registered 41, up 0.3 point; that of the wholesale & retail industry stood at 43, up 0.2 point; that of the accommodation & catering industry posted 39.6, up 0.5 point; and that of the service industry was 37, up 0.3 point. According to the survey results, the output, orders and income from principal business of MSEs in the agriculture, forestry, animal husbandry & fishery industry increased by 0.2 point, 0.1 point and 0.6 point, respectively; the output of MSEs in the manufacturing industry went up by 0.2 point, orders (OEM) up 0.3 point, and income from principal business (income from product sales) up 0.1 point; the engineering volume of MSEs in the construction industry went up by 0.3 point, new construction contract value up 0.3 point, and project settlement revenue on a par with the previous month; the freight volume (passenger/cargo), business reservation volume and income from principal business of MSEs in the transportation industry increased by 0.3 point, 0.4 point and 0.4 point, respectively; both of the sales order volume and sales amount of MSEs in the wholesale & retail industry increased by 0.2 point; the business volume and income (turnover) from principal business of MSEs in the accommodation & catering industry went up by 0.5 point and 0.7 point, respectively; the business volume, business reservation volume and income (turnover) from principal business of MSEs in the service industry went up by 0.3 point, 0.2 point and 0.4 point, respectively.

In September, the purchasing index reflecting the purchasing situation of MSEs gained 0.3 point to 42.6. By industry, the purchasing index of the agriculture, forestry, animal husbandry & fishery industry was 41.6, up 0.1 point; that of the manufacturing industry reported 39.9, up 0.3 point; that of the construction industry read 38.4, the same as last month; that of the transportation industry registered 37.3, up 0.4 point; that of the wholesale & retail industry stood at 49.6, up 0.4 point; that of the accommodation & catering industry posted 39.4, up 0.3 point; and that of the service industry was 41.5, up 0.4 point. According to the survey results, the raw material procurement of MSEs in the agriculture, forestry, animal husbandry & fishery industry increased by 0.3 point, and raw material inventory down 0.1 point; the raw material procurement and raw material inventory of MSEs in the manufacturing industry went up by 0.5 point and 0.2 point, respectively; the raw material procurement of MSEs in the construction industry increased by 0.3 point, while raw material inventory down 0.3 point; the raw material procurement and raw material inventory of MSEs in the transportation industry increased by 0.3 point and 0.7 point, respectively; the purchase volume of MSEs in the wholesale & retail industry increased by 0.4 point; the raw material procurement and raw material inventory of MSEs in the accommodation & catering industry rose by 0.5 point and 0.3 point, respectively; both of the raw material procurement and raw material inventory of MSEs in the service industry climbed by 0.6 point.

Fig. 5 Market Index and Purchasing Index by Industry

In September, the expansion index reflecting the business expectations of MSEs stood at 42.6, up 0.1 from last month. By industry, the expansion index of all the seven industries increased by 0.1 point. According to the survey results, the new investments of MSEs in the agriculture, forestry, animal husbandry & fishery industry decreased by 0.1 point, while the number of new employees up 0.3 point; both of the new investments and number of new employees of MSEs in the manufacturing industry went up by 0.2 point; the new investments (mechanical equipment) of MSEs in the construction industry rose by 0.2 point, while the number of new employees stayed unchanged from last month; the new investments (transportation tools etc.) of MSEs in the transportation industry increased by 0.1 point, while the number of new employees stayed unchanged from last month; both the new investments and the number of new employees of MSEs in the wholesale & retail industry rose by 0.1 point; the new investments (storefronts, business area and equipment) of MSEs in the accommodation & catering industry decreased by 0.1 point, while the number of new employees up 0.2 point; both of the new investments (storefronts, business area and equipment) and the number of new employees of MSEs in the service industry went up by 0.2 point.

In September, the confidence index of MSEs gained 0.2 point to 41.7. By industry, the confidence index of the agriculture, forestry, animal husbandry & fishery industry was 42.5, the same as last month; that of the manufacturing industry reported 44.5, up 0.2 point; that of the construction industry read 35.7, up 0.1 point; that of the transportation industry registered 40.6, up 0.2 point; that of the wholesale & retail industry stood at 43, up 0.1 point; that of the accommodation & catering industry posted 33.5, up 0.2 point; and that of the service industry was 34.4, up 0.1 point.

Fig. 6 Expansion Index and Confidence Index by Industry