11月財(cái)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(jī)構(gòu)出具的中國(guó)制造業(yè)衡量指標(biāo)在11月下降，表明國(guó)有企業(yè)的業(yè)務(wù)增長(zhǎng)并未擴(kuò)展到規(guī)模較小和私營(yíng)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(cái)新-Markit制造業(yè)采購(gòu)經(jīng)理人指數(shù)(PMI)從10月的51%降至50.8%，接近區(qū)分?jǐn)U張和收縮的50%大關(guān)。此前，路透社(Reuters)對(duì)經(jīng)濟(jì)學(xué)家進(jìn)行調(diào)查得出的預(yù)測(cè)中值曾預(yù)計(jì)，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(gè)月以來(lái)的最低水平，是由于受訪企業(yè)表示，更嚴(yán)格的環(huán)保政策限制了業(yè)務(wù)擴(kuò)張。這些政策旨在遏制每年冬天籠罩中國(guó)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(zhǎng)趨緩。但就業(yè)流失加速，投入品價(jià)格增幅收窄，企業(yè)對(duì)客戶收取的價(jià)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(guān)注規(guī)模較小和私營(yíng)制造企業(yè)的財(cái)新制造業(yè)PMI下降，而主要關(guān)注規(guī)模較大和國(guó)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(guó)營(yíng)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(yán)重。前者還享受國(guó)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(guó)服務(wù)業(yè)增長(zhǎng)的財(cái)新PMI指數(shù)將于下周二發(fā)布。