11月財新制造業(yè)PMI指數(shù)下降

An independent gauge of China’s manufacturing sector edged lower in November, suggesting an uptick in activity at state-run companies did not extend to smaller and privately-owned factories.

一家非官方機構出具的中國制造業(yè)衡量指標在11月下降，表明國有企業(yè)的業(yè)務增長并未擴展到規(guī)模較小和私營的工廠。

The Caixin-Markit manufacturing purchasing managers’ index dipped to 50.8 in November, down from 51 in October and coming closer to the 50-point threshold that delineates expansion from contraction. A median forecast from economists polled by Reuters had predicted a fall to 50.9.

11月，財新-Markit制造業(yè)采購經(jīng)理人指數(shù)(PMI)從10月的51%降至50.8%，接近區(qū)分擴張和收縮的50%大關。此前，路透社(Reuters)對經(jīng)濟學家進行調查得出的預測中值曾預計，制造業(yè)PMI將降至50.9%。

The dip to the lowest level in five months came as some companies surveyed for the gauge noted that stricter environmental policies – intended to curb the toxic haze that descends upon much of China each winter – had restricted expansion.

制造業(yè)PMI降至5個月以來的最低水平，是由于受訪企業(yè)表示，更嚴格的環(huán)保政策限制了業(yè)務擴張。這些政策旨在遏制每年冬天籠罩中國大部分地區(qū)的有毒煙霧。

Total growth in new orders softened as new export orders rose at about the same pace as a month prior. But job shedding quickened, while input price growth edged lower and prices charged to clients picked up slightly.

由于新出口訂單增幅與上月基本持平，新訂單總量增長趨緩。但就業(yè)流失加速，投入品價格增幅收窄，企業(yè)對客戶收取的價格略有回升。

The dip for the Caixin gauge, which concentrates on smaller and private manufacturers, stands in contrast to a pickup for China’s official manufacturing PMI, which focuses primarily on large, state-owned enterprises. The divergence may indicate that smaller outfits have been hit harder by pollution curbs and other regulatory tightening than their larger, state-run competitors, which also enjoy privileged access to state-run lenders.

關注規(guī)模較小和私營制造企業(yè)的財新制造業(yè)PMI下降，而主要關注規(guī)模較大和國有企業(yè)的官方制造業(yè)PMI指數(shù)同期出現(xiàn)上升。這種分歧可能表明，比起規(guī)模較大和國營的企業(yè)，較小的企業(yè)受污染限制和其他監(jiān)管收緊的沖擊更為嚴重。前者還享受國有銀行的優(yōu)惠待遇。

A separate Caixin PMI tracking growth in China’s services sector is slated for release on Tuesday.

追蹤中國服務業(yè)增長的財新PMI指數(shù)將于下周二發(fā)布。