In November, the manufacturing purchasing managers' index rose by 0.2 percentage points from the previous month to 50.3, a rise for the third consecutive month and reaching a seven-month high.

The package of incremental policies launched since the end of September has gradually realized its intended effects, with major indicators related to industry, services, consumption and investment recovering at the same time.

Notably, as the manufacturing PMI indicates, both the supply and demand sides of the manufacturing industry have accelerated expansion, and small and medium-sized enterprises have also seen a long-awaited continuous recovery.

It can be said that the coordination of the recovery and the development of the manufacturing industry in production, supply and marketing, both upstream and downstream among enterprises of various sizes, is increasing.

But surveys also show that due to the complex international political and economic situation, domestic demand remains weak; involutionary competition in some industries is still intensifying; some companies are still under great operating pressure; and the financial burdens on enterprises in taxes, fees, fines and other operation costs are still heavy.

Policymakers should focus more on addressing the practical concerns of enterprises by pushing the envelope of some key reforms, further coordinating the implementation of relevant pro-business policies in terms of finance, taxation, investment, land and innovation, and accelerating the improvement of the business environment, so as to substantially strengthen the market's confidence and consolidate the entrepreneurs' expectations.