汇丰银行昨日发布8月中国制造业采购经理人指数(PMI)终值47.6%创下新低，反映我国经济下行压力加大，制造业经济仍在收缩。业内人士分析，制造业正在面临来自外需滑坡、要素成本上升、盈利能力下降等方面的压力。有研究报告提醒，我国制造业或需在面临产业“空心化”的威胁。

HSBC bank published yesterday in August, China manufacturing purchasing managers' index(PMI)Final value 47.6% hit a new low,Reflect China's economic downward pressure increasing,A manufacturing economy is still in the contraction.Analysis of the personage inside course of,Manufacturing industry are facing now from the landslide/Element cost rise/Profitability decline pressure.A research report warns,China's manufacturing industry in the face or to industry"KongXinHua"threat.

　　新订单指数创9个月低点

New orders index and low nine months

　　昨日，汇丰银行发布8月中国制造业采购经理人指数(PMI)终值为47.6%，创2009年3月以来新低，这也是中国制造业PMI连续10月低于50的荣枯分水线，新订单指数以46.1%创出九个月来新低，新出口订单指数创下2009年3月来最大降幅。

yesterday,HSBC bank issued in August, China manufacturing purchasing managers' index(PMI)Final value is 47.6%,And a new low since March 2009,This is also the Chinese manufacturing PMI continuous October below 50 vicissitude divide,New orders index with 46.1% makes nine months to new lows,New export orders index in March 2009 to maximum drop.

　　接受南方日报记者采访时，社科院工业经济研究所研究员刘戒骄认为，这说明目前制造业还处于结构调整的徘徊阶段，企业经营比较困难。

Accept southern daily reporter to interview,Academy of industrial economy research institute researcher liu quit arrogant thought,This shows that at present is still in the manufacturing industry structural adjustment of hovering stage,Enterprise management more difficult.

　　汇丰中国首席经济学家兼经济研究亚太区联席主管屈宏斌看来，外需滑坡是拖累PMI创下新低的最大因素，显示制造业经营活动仍然低迷不振。刘戒骄补充，除全球经济形势严峻，欧债危机尚未得到彻底解决外，国内因素亦不可忽视。他说，国内政府投资项目逐渐放缓，投资增长受到一定限制，消费也面临不少困难。外需疲软的情况下，投资和消费也并未带动制造业的发展，使得制造业增长比较乏力。

HSBC China chief economist and economic research Asia Pacific joint competent QuHongBin looks,Now landslide is a low drag PMI the biggest factor,Display manufacturing business activities of remains weak.Liu quit arrogant added,In addition to the global economic situation grim,The debt crisis has not been completely resolved outside,Domestic factors also can not be ignored.He said,The domestic government investment projects is slowing,Investment growth is limited to some extent,Consumption also face a lot of difficulties.Under the condition of weak now,Investment and consumption did not promote the development of the manufacturing industry,Make manufacturing growth is lack of power.

　　制造业企业盈利能力降低

Manufacturing enterprise profitability reduce

　　实际上，在全球经济形势严峻、国内宏观经济下行的情况下，制造业正在面临前所未有的困境。除上述的外需滑坡外，制造业在较长时间内还遭遇到盈利能力下降、成本高涨、融资难等难题。

In fact,The grim situation in the global economy/Domestic macroeconomic descending cases,Manufacturing industry are facing unprecedented dilemma.In addition to the overseas market demand of the landslide,Manufacturing in a long period, we encountered to profitability decline/Cost high/Financing difficult problem, etc.

　　日前公布的2012中国企业500强，也凸显制造业面临的窘境。记者了解到，榜单中共有272家制造业企业上榜，比去年减少7家，这也是上榜制造业企业数量连续减少的第5个年头；272家上榜企业平均收入利润率为2.74%，较上年3.15%有明显下降，平均资产利润率也从上年的3.3%下降至3.03%。

Announced a few days ago 2012 China top 500 enterprises,Also highlights the manufacturing industry face dilemma.The reporter understands,The list a total of 272 manufacturing enterprise list,From last year than seven home,This is also a continuous reduction in manufacturing enterprise quantity list of the fifth year;272 list enterprise average income profit rate is 2.74%,Over 3.15% decreases evidently,Average assets from the previous year profit margins of 3.3% to 3.03%.

　　令人沮丧的是，制造业企业盈利能力正在降低。制造业500强报告显示，净资产利润率作为反映企业盈利能力综合指标，制造业500强平均净资产利润率为12.15%，较上年下滑0.65个百分点。

It is discouraging,Manufacturing enterprise profitability is lower.Manufacturing 500 strong report shows,Net assets profitability as reflect enterprise profitability comprehensive index,The average manufacturing top 500 net profit rate is 12.15%,A last year fell 0.65%.

　　日益上涨的要素成本也成为削薄企业利润的因素。海关总署综合统计司司长郑跃声在例行新闻发布会上表示，2011年底，海关总署对1856家出口企业作了一项问卷调查，认为劳动力成本上升的企业高达80%。另外还有56.4%的企业认为汇率成本显著上升，56%的企业认为原材料成本上升。

The elements of rising cost also become featheredge enterprise profit factors.The general administration of customs comprehensive statistics of priests ZhengYueSheng in routine press conference said,By the end of 2011,The general administration of customs on 1856 export enterprise did a questionnaire survey,Think that labor costs rose enterprise reaches as high as 80%.Another 56.4% of the enterprise cost that exchange rate to rise significantly,56% of the enterprise that the rise in the cost of raw materials.

　　调查还称，用工成本增加，将导致大规模的制造业外逃。

The survey also says,Labor costs increase,Will lead to large-scale manufacturing flight.

　　不必过分担心“产业空心化”

Don't worry too much about"Industry KongXinHua"

　　中国企业联合会日前发布报告称，实业部门与商业银行部门存在悬殊的利润差距，长此以往，市场经济条件下资本必然流出实业部门，流向部门，我国制造业也必然出现“空心化”趋势。

The China enterprise confederation to released the report says,Industrial department and commercial bank department with a wide gap between existing profit,In the long run,Under the conditions of market economy capital inevitable outflow industrial departments,Flow to the department,China's manufacturing industry also is inevitable"KongXinHua"trend.

　　报告指出，商业银行业与制造业企业效益“鸿沟”有扩大趋势。据了解，2007年至2010年间，500强中制造业企业的营收总额占500强总和的40%以上，而利润总额却只占30%左右。同期，我国最大的5家国有商业银行的营业收入总额均只有500强总和的6%左右，利润总和占总额的27%左右。

The report says,Commercial banking industry and the manufacturing enterprise benefit"gap"Has the expanded tendency.It is understood,Between 2007 and 2010,Fortune 500 manufacturing enterprise of the total revenue accounted for more than 40% of the total 500 strong,And the total profit but only 30% or so.Over the same period,China's largest five state-owned commercial bank's business gross revenue are only about 6% of the total 500 strong,Profit total accounted for about 27% of the total.

　　不过，刘戒骄则认为不必担心国内产业“空心化”的问题。“如果政府有所动作，不会出现上世纪90年代日本制造业空心化的情况。”刘戒骄补充。

but,Liu quit arrogant argues that don't have to worry about the domestic industry"KongXinHua"problems."If the government is action,Won't appear in the 1990 s Japan manufacturing KongXinHua situation."Liu quit arrogant added.