According to data released yesterday by the China Federation of Logistics and Purchasing and the National Bureau of Statistics' Service Industry Research Center, the China Manufacturing Purchasing Managers' Index PMI was 50.4% in May, down 2.9 percentage points from the previous month, ending the five-month rally. Shows a short-term decline in economic growth. In general, the May PMI showed a seasonal decline due to holiday factors. However, the decline exceeded market expectations, causing the market to worry about the current economic growth momentum. “However, PMI has remained above 50% for six consecutive months, indicating that the overall economic growth momentum has not changed.†Cai Jin, vice president of the China Federation of Logistics and Purchasing, stressed that “the current economic growth rate is falling in the short term and does not mean that the Chinese economy will enter. In the new recession stage, while paying attention to the economic growth rate, we must also see that the economic development is on the positive side, that is, the transformation of the economic development mode has achieved initial results. On the one hand, the adjustment of the economic structure has squeezed out the "bubble" and eased Inflationary pressure. The data showed that the manufacturing purchase price index in May was 44.8%, a sharp drop of 10 percentage points from the previous month. The index has fallen back to its lowest point in the past six months, which is conducive to further alleviating the pressure of CPI rise. On the other hand, the economic structure is developing towards optimization and improvement. From the perspective of PMI, the current tertiary industry is better developed than the secondary industry. In the secondary industry, the manufacturing industry is better than the extractive industry. In addition, employment has maintained steady growth. The manufacturing industry's employee index has remained above 50% since March and 50.5% in May; the non-manufacturing employee index has remained steadily above 50% since the beginning of the year. This will help raise the income of citizens, expand domestic consumption demand, and maintain stable growth momentum for economic development. However, the rapid decline of various data also shows that in the process of transforming the economic development mode in China, due to the economic growth rate decline and structural adjustment, some new problems and contradictions will inevitably occur. Cai Jin said: "At present, economic growth is not yet stable. The lack of demand and the rapid growth of supply have led to imbalances in supply and demand in the market. In particular, when internal and external demand is weak and orders are falling, finished goods inventory has risen. This shows that the supply growth is too fast, so it is necessary to control the supply too fast release while stabilizing demand.†Due to the imbalance between supply and demand and the decline of corporate benefits, experts believe that “stable growth and guaranteed benefits†should be highlighted at present. On the basis of “stable growthâ€, we will focus on “guaranteeing benefits†and strive to improve the vitality of economic development. Recently, documents encouraging private capital to enter the monopoly area have been released. Although it will take time for these measures to take effect, it will undoubtedly benefit the sustained growth of our economy.
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