In the face of multiple tests such as the complex and severe economic environment and the impact of the epidemic, although China's Manufacturing Purchasing Manager Index (PMI) in January released on January 30 fell 0.2 percentage points from the previous month, the data of 50.1% is still higher than the critical point. This leading indicator remains in the expansion range, showing a positive signal of "stable" economic operation and market expectation in 2022. In January, some manufacturing industries entered the traditional off-season of production. In addition to the recent slowdown in market demand, the prosperity level of the manufacturing industry has dropped. However, the changes of various sub indexes show that the enterprise production has remained stable, the external demand has maintained a relatively good development trend, and there is a good support for the smooth start of the economy in the first quarter. In January, the production index was 50.9%, which was 0.5% lower than that of the previous month, but remained above 50% for three consecutive months; The new export order index was 48.4%, up 0.3 percentage points from the previous month. Enterprises are expected to improve. The expected index of production and operation activities was 57.5%, 3.2 percentage points higher than that of the previous month, and the confidence of manufacturing enterprises rebounded. "From the perspective of industry conditions, among the 21 industries surveyed, the expected index of production and operation activities of 19 industries is located in the boom range, especially the expected index of production and operation activities of general equipment, automobile, electrical and mechanical equipment and other industries is located in the high boom range of more than 60.0%. Enterprises in relevant industries are optimistic about the recent market development prospect." Zhao Qinghe, Senior Statistician of the service industry survey center of the National Bureau of statistics, said. According to expert analysis, the market expectation has improved, indicating that a series of policies to help enterprises in the early stage have achieved results, which has strengthened the confidence of stable growth in the first quarter. In addition, the ability of large enterprises to resist risks and stabilize the market continues to play. In January, the PMI of large enterprises was 51.6%, up 0.3 percentage points from the previous month, and the production index and new order index were at a relatively good level. "The manufacturing PMI data in January showed that China's economy remained relatively resilient and the overall recovery momentum remained unchanged." Wen Tao, an expert from China Logistics Information Center, said. However, under the triple pressure of shrinking demand, supply shock and weakening expectations for economic development, coupled with the impact of the epidemic and off-season factors, in January, the growth rate of key manufacturing industries slowed down, the overall market demand was still insufficient, and the operating pressure of small and medium-sized enterprises increased, indicating that China's economy still needs to climb over difficulties and overcome difficulties. The growth momentum of new kinetic energy slowed down, and the PMI of equipment manufacturing industry and high-tech manufacturing industry decreased by 1.3 and 2.1 percentage points respectively compared with the previous month; The PMI of the consumer goods industry decreased by 0.9 percentage points compared with the previous month, the production index and new order index decreased significantly to nearly 50%, and the consumer goods market is not booming in the peak season; The new order index fell 0.4 percentage points from the previous month. It is worth noting that the price index ended its downward trend for two consecutive months and rebounded synchronously. In January, the purchase price index and ex factory price index of main raw materials were 8.3 and 5.4 percentage points higher than that of the previous month respectively, returning to the expansion range. Due to the rising prices of energy and basic raw materials and the impact of the epidemic, the operating pressure of small and medium-sized enterprises increased. In January, the PMI of small and medium-sized enterprises decreased by 0.8 and 0.5 percentage points respectively compared with the previous month. "Or because the overall recovery of the economy is strengthened, the gap between supply and demand of relevant products is widened, resulting in a significant increase in the price index again. We should further do a good job in ensuring the stability of the industrial chain and supply chain." Zhang Liqun, researcher of the Macroeconomic Research Department of the development research center of the State Council, said. Further implement the policy of ensuring supply and price stability, and support small and medium-sized enterprises to participate in industrial infrastructure reconstruction projects and actions to strengthen and supplement the manufacturing chain; Focus on the high-quality development of the manufacturing industry, strengthen the tax rebate of value-added tax, and improve the policy of adding and deducting R & D expenses; Further promote the expansion of direct financing channels for small and medium-sized enterprises... Aiming at the concerns of market subjects, many departments have made deployment recently to help boost the confidence of market subjects, stabilize market expectations, and promote a stable start of the economy in the first quarter. "We should continue to make overall plans to promote epidemic prevention and control and economic and social development, take multiple measures to expand demand, deeply implement the relief and assistance policies for small and medium-sized enterprises, and strive to consolidate the foundation for the overall recovery of the economy." Wen Tao said. (Xinhua News Agency)