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The Chinese government released its composite manufacturing PMI, which showed improved signs of broad industry growth in January, as the index rose to 50.5 from 50.3 in December. A figure above 50 indicates an expanding industry. The results also indicated variance between sub sectors. The new orders index was 50.6 up from 50.2 in December, however orders for intermediate goods manufacturing and the production of finished goods contracted. The manufacturing export sub sector PMI was down to 46.9 from 48.3 in December, which suggests an ongoing shift from exports to domestic demand. The contraction in exports included the intermediate goods manufacturing and the production of finished goods product sector. The Official China PMI in January is greater than the HSBC China Manufacturing PMI for the same month, which was 48.8. HSBC's PMI was up from 48.7 in December and suggests that the Chinese manufacturing industry is contracting. The HSBC PMI survey includes a greater proportion of smaller companies than the official survey.