一般来说，PMI是国际上通行的宏观经济监测指标体系之一，PMI高于50%，反映制造业经济扩张；低于50%，则反映制造业经济衰退。

In general,The The PMI is one of the international macroeconomic monitoring index system of general,The PMI is higher than 50%,Manufacturing economic expansion;Less than 50%,Reflect the manufacturing recession.

　　据了解，自去年8月份开始，制造业PMI指数连续5个月回升，11月、12月报50.6%，今年1、2月出现小幅下降，3月有所回升，而4月则再次回落。

We have learned,Since last August,Manufacturing The PMI for five months,In November/12 monthly 50.6%,1 this year/A small drop in February,Picked up in March,And April fell back again.

　　从分项指数上看，构成制造业PMI的5个分类指数1平4降。其中，生产指数报52.6%，较3月略微回落0.1个百分点，表明制造业企业生产继续保持增长态势，增速略有放缓，新订单指数也较3月回落0.6个百分点至51.7%，此外从业人员指数、供应商配送时间指数也有不同程度的收窄，而原材料库存指数为47.5%，虽与3月持平但已连续3个月低于50%，表明制造业原材料库存量持续减少。

Look from the sub-index,Constitute the five classification of manufacturing The PMI index 1 4.Among them,Production index was 52.6%,Slightly down 0.1% from march,Manufacturing enterprise production continue to increase,At a slightly slower growth,New orders index also fell back from march of 0.6% to 51.7%,In addition staff index/Supplier delivery time index also have varying degrees of narrowing,The raw materials inventory index was 47.5%,In march, though with flat but have three consecutive months less than 50%,Manufacturing raw materials inventories continued to decrease.

　专家观点 Experts view

　　经济回稳基础未巩固 Economic basis of stabilising solidifying

　　“4月份PMI指数小幅回落，表明经济回稳的基础还不巩固”，国务院发展研究中心宏观经济研究部张立群表示，需求上，4月新订单指数、出口订单指数、积压订单指数均在下降；库存上，产成品库存和采购量指数也在下降，订单水平下降开始使补充库存转为去库存。此外，4月份购进价格指数大幅降低，也反映了企业预期向负面的变化，未来经济增速有小幅下行的可能。“未来应着力稳定国内需求，提高经济回稳的可持续性”。

"April The PMI index slipped a bit,Show is not consolidate the foundation of the economy stabilizes",Macroeconomic research department under the state council development research center zhang liqun said,On the demand,The new orders index in April/Export orders index/Backlog of orders index are in decline;On the inventory,The descent of the finished goods inventory and purchase quantity index,Orders decline began to make inventory to inventory.In addition,In April, purchasing price index is greatly reduced,Also reflects the enterprise expected to negative change,Future economic growth slightly downward."The future should focus on the stability of domestic demand,The sustainability of improving economic stability".

　　在澳新银行大中华区首席经济师刘利刚看来，禽流感疫情的暴发可能也影响了整体经济的表现。

It seems to anz bank greater China chief economist liu ligang at anz,Outbreak of avian flu outbreaks may also affect the performance of the economy as a whole.

　　经济运行转向结构性调整 Economic operation to structural adjustment

　　物流与采购联合会专家组报告指出，从今年以来PMI表现来看，经济运行正在由依靠规模扩张推动的速度型向依靠结构转型升级支撑的效益型转变。装备制造业、高新技术产业积极向好，结构调整正在逐步加快，建议应侧重于控制产能过度释放，扩大消费需求，稳定价格水平，着重于引导和促进经济结构调整升级和企业经营模式转型。

Federation of logistics and purchasing the panel report said,Since this year the The PMI showed,Economy is driven by relying on scale expansion speed type depending on the structure transformation and upgrading to support efficiency.The equipment manufacturing industry/High and new technology industry actively good,Structural adjustment is to speed up the step by step,Proposal should focus on control of excessive release of capacity,Expanding consumer demand,Stable price level,Focuses on the guide and promote the adjustment of economic structure upgrading and enterprise business model transformation.

　　刘利刚告诉记者，从目前情况来看，财政支出和投资相对较慢，是经济减速的最重要原因，但同时也是中国官方改变一直以来以投资为中心的经济政策，转向更多考虑解决结构性问题的一个信号。刘利刚指出，为了防止整体经济出现严重的下滑，中国官方应尽快出台详细的城镇化举措，同时也需要出台结构性减税政策以减轻中小企业和服务业的负担，并更快地推进利率市场化的进程。

Liu ligang at anz told reporters,From the current situation,Fiscal spending and investment is relatively slow,The most important reason is the economic slowdown,But it is also China's official change has been centered on investment in economic policy,More consideration to solve structural problems of a signal.Liu ligang at anz said,In order to prevent the occurrence of serious decline in the economy as a whole,China's official should introduce detailed steps of urbanization as soon as possible,Also introduced structural tax cuts are needed to reduce the burden of small and medium-sized enterprises and service industry,And promote the progress of marketization of interest rates more quickly.