10月3日，中国统计局和中国物流与采购联合会公布的数据显示，非制造业采购经理人指数(PMI)，由8月的56.3降至53.7。我院副 院长朱宁接受CCTV NEWS采访解读9月非制造业数据，他认为，指数仍高于临界点50，意味非制造业经济仍处于扩张，不过较前月出现的明显 下滑也说明经济扩张速度疲软低于过去两个月。

Host: This is as I speak to Professor Zhu Ning, he is the Deputy Director of Shanghai Advanced Institute of Finance at Shanghai Jiaotong University, welcome to the show, Professor Zhu, as we just heard non-manufacturing PMI in September fell quite significantly from the number in August, how do you read these figures?

Zhu Ning: Well, I think there are probably two points to look at these figures. First of all, as the number is still about 50, which means that the non-manufacturing section of the economy is still expanding . Of course, the number has dropped quite significantly from the previous month’s number, which means that the economy is still expanding but not as fast as it used to be in the past two months.

Host: To see some quite contrasting numbers, the manufacturing figure is growing a little bit and recovering a little bit, but non-manufacturing declining a little bit. Now, we are in the last quarter of this year, what kind of forecast can you give?

Zhu Ning: Well, I think the non-manufacturing section of the economy is still going to be expanding, there are probably two reasons. One is, the non-manufacturing section of the economy relies that on exports, we know that the Europe crisis is still lingering around which is still affecting the manufacturing part of Chinese economy. So, I think the non- manufacturing part of the economy is picking up whether to be well. And another reason is, as the economy as well as GDP grows, it is a trend that the non-manufacturing part of the economy would be getting more proportion of the employee economy. So, given that historical pattern, I think the non-manufacturing section of the economy would still keep expanding although it may be not as fast as before not as fast as some others would wish to see.