On January 31, the data released by the National Bureau of Statistics showed that in January, the manufacturing purchasing managers' index, the non-manufacturing business activity index and the comprehensive PMI output index were 50.1%, 54.4% and 52.9% respectively, which were 3.1 percentage points, 12.8 percentage points and 10.3 percentage points higher than that of the previous month. The three major indexes rose to the expansion range, and China's economic prosperity level rose significantly. Wen Bin, chief economist of China Minsheng Bank, told the Securities Daily that the reason why the economy showed signs of recovery was that on the one hand, because of the optimization of epidemic prevention policy, the economic and social operation was gradually close to the normal level, and on the other hand, the stable growth policy continued, and the confidence of the enterprise and residential sectors was boosted. The manufacturing PMI rose above the critical point. In January, the manufacturing PMI was 50.1%, rising above the critical point. Zhou Maohua, a macro researcher of the Financial Market Department of Everbright Bank, told the Securities Daily that the manufacturing PMI index returned to the expansion area mainly because the impact of the epidemic on the economy weakened and domestic demand recovered. At the same time, the implementation of the package of bailouts, growth stabilization policies and follow-up measures took effect, and the manufacturing production environment and business operation expectations were significantly improved. From the perspective of sub-indexes, among the five sub-indexes that constitute the manufacturing PMI, the new order index is higher than the critical point, and the production index, raw material inventory index, employee index and supplier delivery time index are all lower than the critical point. "New export orders in January are still in the contraction area (46.1%), and the purchase price index of raw materials continues to rise, reflecting that some manufacturing enterprises are facing the pressure of slowing overseas demand and investment costs." Zhou Maohua believes that, on the one hand, the manufacturing sector needs to improve quality and efficiency, and actively expand overseas markets; On the other hand, the measures to ensure the supply and price stability of domestic energy, raw materials and other commodities should not be slackened. In addition, Zhou Maohua said that in view of the continued high overseas inflation and the rising raw material purchase cost index, in the context of the recovery of domestic demand, China still needs to be vigilant about the potential import inflation risk. From the perspective of enterprise scale, the PMI of large, medium and small enterprises was 52.3%, 48.6% and 47.2% respectively, 4.0 percentage points, 2.2 percentage points and 2.5 percentage points higher than that of the previous month. The prosperity level of enterprises of all sizes has rebounded. The survey results show that the proportion of large, medium and small enterprises reflecting the shortage of labor supply is lower than 11.0%, which is significantly lower than that of the previous month. The situation of staff shortage restricting production has been eased. It is noteworthy that the PMI of key industries has increased to different degrees. The PMI of high-tech manufacturing, equipment manufacturing, consumer goods and energy-intensive industries were 52.5%, 50.7%, 50.9% and 48.6% respectively, which were 5.1 percentage points, 4.7 percentage points, 4.0 percentage points and 1.2 percentage points higher than that of the previous month. The prosperity level improved to varying degrees. From the perspective of market demand, the new order indexes of high-tech manufacturing, equipment manufacturing and consumer goods industries were 55.6%, 52.3% and 52.4% respectively, which were 11.2 percentage points, 10.3 percentage points and 8.5 percentage points higher than that of the previous month