According to the website of the National Bureau of Statistics, on January 27th, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. Regarding this, Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, interpreted that the overall level of China's economic prosperity will continue to expand in January 2025. In January, due to factors such as the approaching Spring Festival holiday and the concentration of employees returning home, the Purchasing Managers' Index for the manufacturing industry was 49.1%, a decrease of 1.0 percentage point from the previous month; The non manufacturing business activity index was 50.2%, a decrease of 2.0 percentage points from the previous month, still above the critical point; The comprehensive PMI output index is 50.1%, indicating that China's overall economic output continues to expand. The expected index of production and operation activities in the manufacturing industry and the expected index of non manufacturing business activities are 55.3% and 56.7%, respectively, both of which are in the high prosperity range, indicating that most enterprises have strong confidence in the post holiday market development. The Purchasing Managers' Index for the manufacturing industry has fallen, and the expected index has significantly rebounded. In January, the manufacturing PMI was 49.1%, indicating a decline in the economic level compared to the previous month. （1） Both production and demand have slowed down. Affected by the Spring Festival, the production index and new order index were 49.8% and 49.2% respectively, a decrease of 2.3 and 1.8 percentage points from the previous month, indicating a slowdown in manufacturing production and market demand. From an industry perspective, the indices for metal products, specialized equipment, and railway, shipbuilding, aerospace equipment are both above 51.5%, indicating an expansion range; The two indices of industries such as refined tea, textiles, non-ferrous metal smelting and rolling processing in food and alcoholic beverages are both below the critical point, indicating weak production and demand activity. （2） The production and demand index of large enterprises continues to exceed the critical point. The PMI for large, medium, and small enterprises was 49.9%, 49.5%, and 46.5%, respectively, a decrease of 0.6, 1.2, and 2.0 percentage points from last month. From the perspective of production and demand, the production index and new order index of large enterprises are 51.3% and 50.6% respectively, remaining in the expansion range; The production index and new order index of small and medium-sized enterprises have fallen compared to last month. （3） The equipment manufacturing industry continues to expand. From the perspective of key industries, the equipment manufacturing PMI was 50.2%, a decrease of 0.4 percentage points from last month, and has been running above the critical point for six consecutive months; The PMI for high-tech manufacturing, consumer goods, and high energy consuming industries were 49.3%, 49.1%, and 47.6%, respectively, a decrease of 0.4, 2.3, and 1.2 percentage points from last month, indicating varying degrees of decline in economic activity. （4） The price index has both rebounded. The main raw material purchase price index and factory price index were 49.5% and 47.4%, respectively, up 1.3 and 0.7 percentage points from the previous month. From an industry perspective, both price indices for the petroleum, coal, and other fuel processing industries have significantly rebounded to the prosperous range. The price indices for industries such as textiles, clothing, papermaking, printing, and cultural, educational, sports, and entertainment products continue to remain in the expansion range, and the overall level of purchase and sales prices in related industries has increased. （5） The expected rebound of enterprises is significant. The expected index of production and operation activities is 55.3%, an increase of 2.0 percentage points from the previous month, rising to a higher level of prosperity, indicating that most manufacturing enterprises have increased confidence in the post holiday market development. From an industry perspective, the expected index of production and operation activities in industries such as railway, shipbuilding, aerospace equipment, and electrical machinery equipment are all in the high prosperity range above 60.0%, and related enterprises have more optimistic expectations for the future market. The non manufacturing business activity index continued to be higher than the critical point in January, with a non manufacturing business activity index of 50.2%, a decrease of 2.0 percentage points from the previous month, still above the critical point. The overall non manufacturing industry continued to expand. （1） The service industry continues to expand. The business activity index of the service industry was 50.3%, a decrease of 1.7 percentage points from the previous month, indicating a slowdown in the expansion of the service industry. From an industry perspective, driven by the Spring Festival effect, the business activity index of industries related to residents' travel consumption, such as road transportation, accommodation, catering, ecological protection, and public facility management, has risen to the expansion range, and market activity has increased; The business activity index of industries such as air transportation, postal services, telecommunications, broadcasting and television, satellite transmission services, and monetary and financial services continues to be in the high prosperity range of over 55.0%, and the total business volume maintains rapid growth. From the perspective of market expectations, the business activity expectation index is 56.8%, continuing to be in a relatively high prosperity range, and most service industry enterprises are optimistic about the market development prospects. （2） The construction industry is experiencing a seasonal downturn. Affected by factors such as the approaching Spring Festival holiday and low temperatures in winter, the construction industry has entered the traditional off-season, with a business activity index of 49.3%, falling below the critical point. From the perspective of market expectations, the business activity expectation index is 56.5%, a decrease of 0.6 percentage points from last month, and remains in a relatively high economic range, indicating that construction industry enterprises have strong confidence in the recent development of the industry. The comprehensive PMI output index maintained expansion in January, with a comprehensive PMI output index of 50.1%, a decrease of 2.1 percentage points from the previous month, slightly higher than the critical point, indicating that the overall production and operation activities of Chinese enterprises have maintained expansion. The manufacturing production index and non manufacturing business activity index, which make up the comprehensive PMI output index, are 49.8% and 50.2%, respectively. (New Society)