At the beginning of this year, as the epidemic prevention and control turned smoothly, the effect of stabilizing economic policies and measures continued to appear, and China's manufacturing industry got off to a good start. However, since the second quarter, affected by many domestic and foreign factors, the downward pressure on economic operation has increased, and the development of the manufacturing industry is facing many difficulties. After hitting a peak of 52.6% in February, the manufacturing PMI continued to decline to 48.8% in May. The growth rate of industrial added value has slowed down, the operating efficiency of enterprises has declined, and enterprises in some industries have difficulties in operating. Since June, the situation has shown marginal improvement, and the manufacturing PMI in June and July were 49% and 49.3%, respectively, which has picked up slightly for two consecutive months. In terms of detailed items, the new order index, raw material purchase price and ex-factory price index rebounded significantly, the manufacturing industry boom has expanded, and manufacturing production and operation activities have gradually bottomed out.

We must face up to the difficulties we are facing. The manufacturing PMI is still in the contraction range, and the non-manufacturing business activity index is in the expansion range but has fallen. Export pressure increased, new export orders for three consecutive months in the contraction range; The depth adjustment of real estate sales, the supporting role of infrastructure investment has weakened, and the indicator of domestic demand is still weak. The growth rate of industrial added value above designated size continued to decline, the efficiency of enterprises declined, and accounts receivable increased. Under such circumstances, to further stabilize expectations, boost confidence, and promote the steady recovery of the manufacturing industry, on the one hand, we must give play to the decisive role of the market in resource allocation, rely on enterprises to reduce costs and improve efficiency, explore potential, and find more new growth points. On the other hand, it is also necessary to increase policy support and come up with more concrete measures to stimulate the internal driving force and development vitality of the market. Recently, the executive meeting of The State Council studied and deployed a number of policy measures, and qualified policy measures should be promptly introduced and implemented, while strengthening the reserve of policy measures to maximize the comprehensive effect of policies.

We will continue to tap the potential of demand and increase the role of consumption in supporting steady industrial growth. On the one hand, expanding domestic demand is the foundation and key. Since the beginning of this year, service consumption has recovered rapidly, but commodity consumption has not been as expected, and the driving effect on the manufacturing industry has weakened. Recently, the central government has proposed to further promote the consumption of new energy vehicles and household consumption, and specific policies have been introduced. We need to implement policies to boost household consumption and restore the manufacturing sector. China's home appliance renewal consumption potential is huge, the annual scale of scrapped home appliances is estimated to be more than 200 million, can accelerate the improvement of waste electronic products recycling system, release the consumer demand of the masses. It is also necessary to continue to promote the "three products" action of increasing varieties, improving quality, and creating brands, and accelerate the cultivation and development of intelligent Internet-connected vehicles, smart health care, and intelligent sports industries. On the other hand, external demand is an important force driving the development of manufacturing. Especially during the epidemic, the rapid growth of exports has strongly supported the development of China's manufacturing industry. Electric manned vehicles, lithium batteries, solar cells, "new three" export growth is fast, we should support enterprises to build overseas marketing and after-sales service network, strengthen brand publicity and promotion, expand export transportation channels, and promote the export of advantageous products. We will vigorously explore diversified markets and promote project construction and economic and trade cooperation in a number of countries related to the Belt and Road Initiative.

We will vigorously boost effective investment in the manufacturing sector and promote high-quality development. Manufacturing investment is the foundation and leading index of manufacturing supply capacity formation. China is in the rapid development stage of industrial upgrading, new technologies are widely penetrated, the pace of transformation of traditional industries is accelerated, and the development and growth of emerging industries will drive the growth of manufacturing investment. At the same time, the new energy industry and the manufacturing industry related to the digital economy have huge potential for development. We need to make good use of investment from the central budget, local government special bonds, and structural monetary policy tools, launch and implement a number of industrial infrastructure reconstruction projects, and accelerate the construction of 5G and gigabit optical networks. We will continue to increase medium - and long-term lending to the manufacturing sector, expand investment in industrial and technological upgrading, and promote technological upgrading and equipment upgrading of enterprises.

We will improve the precision of our rescue policies to help enterprises and do a good job in reducing costs. We may consider further strengthening social security policy support, and temporarily reduce the collection rate of five insurance and one fund or the minimum social security contribution base for some enterprises in difficult industries. The default of accounts receivable is a prominent problem that leads to the tight liquidity of manufacturing enterprises. To continue to strengthen the work of debt clearance, in addition to the local financial "three guarantees" expenditure, it should be clear that the local government, public institutions, state-owned enterprises arrears of private enterprise accounts as a priority payment content, while accelerating the establishment of long-term debt clearance mechanism. At present, there are signs of rising enterprise-related fees, and we must put the negative list of enterprise-related fees in place to effectively reduce the burden on enterprises. With the gradual adjustment of the market and the effect of policies, China's manufacturing industry is expected to stabilize and pick up in the second half of the year.

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