The Sales Managers Index: China

The First Data on Economic Activity Levels in China - Every Month

Released: 22 December 2021

China Price Index Falls Sharply in December

The China All-Sector Price Index fell very sharply in December, indicating the worst of the China-related global price pressures may be partially retreating.

Given China's place in the world economy, and the potential hazards of rapid price inflation, this is potentially very good news.


China All-Sector: Prices Charged Index



Manufacturing: Price Inflation Falls From Record Highs IN DECEMBER

Sales Managers Survey shows continuing high price inflation, marginal growth in Staffing and a weakness in manufacturing output.

  • Manufacturing Prices Index stays high at a recorded level close to 56.
  • Business Confidence Index rises a little from the 20 month low recoded last month.
  • Profit index recovers from all time low recorded last moth , but stays way below the 50 "no change" level.




Services: China Services Outpace Manufacturing in December 

Activity related Indexes maintain comfortable growth trajectory.

The December Sales Managers Survey for the China Services sector reveals a sharp contrast to the Manufacturing sector, with the three main activity related Indexes all significantly higher than their manufacturing counterparts.

The Business Confidence Index rose during the month to very positive 54.7 reading.  Although the Market Growth Index pulled back a little from the level seen in November, the Sales Growth Index accelerated , reflecting significant real growth in December.

The Services sector, although modestly impacted by  the negative conditions being experienced in the Manufacturing sector, is far less susceptible to the serious supply chain problems that are bedevilling production of physical goods.

The same  benign conditions facing the Services sector are also reflected in the Prices Index , which shows relatively normal price increases over the month ( again in sharp contrast to Manufacturing), and in the Profits Index , which registered continuing growth, unlike the Manufacturing figures which remain below the 50 "no growth" line.


China Services: Business Confidence  Index




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