The full name of PMI index is Purchasing Managers Index in English and Purchasing Managers Index in Chinese. It is an index summarized through the monthly survey of purchasing managers, which reflects the changing trend of the economy. PMI is a comprehensive economic monitoring index system released every month, which is divided into manufacturing PMI and service PMI, and some countries have established construction PMI.

PMI usually takes 50% as the demarcation point of economic strength. When the index is higher than 50%, it is interpreted as a signal of economic expansion; When the index is below 50%, especially very close to 40%, there is the possibility of economic depression.

We sometimes see that the official PMI index is different from the data published by Caixin PMI index. Why?

The official value of PMI is released by China Federation of Logistics and Purchasing and China National Bureau of Statistics, with more than 3,000 samples. The data research is mainly focused on large and medium-sized enterprises.

Caixin PMI system includes Caixin China manufacturing PMI and Caixin China service PMI, which are obtained by weighted average of manufacturing output (production) index and service business activity (business activity) index. There are 430 sample enterprises, which can reflect the situation of small and medium-sized enterprises.

It is inevitable that there are differences between the two data. The strong performance of the official PMI is in stark contrast to the weak final value of Caixin PMI. This may be partly due to the difference between the two samples. Caixin PMI covers more small and medium-sized enterprises and export-oriented enterprises, while the sample size of official PMI is much larger, which may better reflect the overall domestic demand.

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