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The NBS Manufacturing PMI is an official survey of purchasing managers in the Chinese manufacturing sector, conducted by the National Bureau of Statistics. It focuses primarily on large, state-owned enterprises (SOEs) and provides an essential look at the industrial engine of China. A reading above 50 indicates expansion, while a reading below 50 indicates contraction in manufacturing activity.
The index is based on a survey of 3,000 manufacturing enterprises across China. It is a composite index based on five sub-indices: New Orders, Production, Employment, Supplier Delivery Times, and Raw Materials Inventory.
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