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China Federation of Logistics and Purchasing stated in its interpretation of September's manufacturing PMI data that in September, new drivers continued to maintain a favorable growth momentum, with growth rates significantly faster than the overall manufacturing sector. Equipment manufacturing PMI was 51.8%, rising 0.5 percentage points from the previous month, with production index and new order index both remaining above 52%; high-tech manufacturing PMI was 54%, rising 0.3 percentage points from the previous month, with production index and new order index rising to above 56% and 54% respectively. Taken together, the new drivers show steady and rapid growth in market supply and demand, with increasing vitality, which is conducive to promoting high-quality economic development and optimizing energy consumption structure.
The China Federation of Logistics and Purchasing stated that looking at the entire third quarter, the economy generally maintained a recovery trend, new drivers continued to grow steadily and rapidly, and industrial structure continued to optimize. Large enterprises continued to maintain a good pillar role. Large enterprise PMI continued to operate above 50%, rising 0.1 percentage points from the previous month to 50.4% in September, with new order index rising 1.2 percentage points from the previous month to 51%, indicating that large enterprises have relatively good demand fundamentals. Business sentiment remains relatively positive, especially for equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing enterprises. In September, the business operation activity expectation indices for equipment manufacturing and high-tech manufacturing remained above 60%, while the consumer goods manufacturing business operation activity expectation index was above 56%. Procurement volume indices for all three industries rose more than 0.5 percentage points from the previous month, reflecting relatively optimistic expectations for future markets and accelerated inventory buildup for production needs.
The China Federation of Logistics and Purchasing is China's first logistics and procurement industry association organization. Evolving from the China Materials Economy Society established in 1980, the China Logistics Research Association established in 1984, and the China Materials Circulation Association established in 1995 through multiple transformations, it was renamed in April 2001. Its main tasks are to promote the development of China's logistics industry, promote the development of government and enterprise procurement, promote reform and development in the production materials circulation field, and complete government-commissioned tasks. The government has granted it functions in foreign affairs, science and technology, industry statistics, and standard formulation and revision. It serves as China's representative in the Asia-Pacific Logistics Alliance and International Procurement Alliance, and maintains extensive contacts and cooperation with counterparts in many countries.
