Both of the Caixin PMIs outperformed official PMIs. The two are different surveys.

China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.

  • The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.
  • Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
  • Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.

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Main points from the report

  • New business growth supported by a faster rise in export
    business inflows
  • Staffing levels fall marginally amidst cost concerns
  • Average charges decline for the first time since January

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Earlier PMIs for August from China.

The official figures were out over the weekend:

The private, Caixin, manufacturing PMI turned in a decent performance though: