The Chinese mainland's manufacturing purchasing managers' index (PMI) edged down to 49.1 in February from January's 49.2, according to data released by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing.
Although the figure remains below the 50-point threshold that separates growth from contraction, the slight decline aligns with historical patterns typically influenced by the Chinese New Year holiday and other seasonal factors. \"The recent PMI figures reflect the usual seasonal slowdown,\" explained Bruce Pang, chief economist and head of research at JLL Greater China, to CGTN.
In contrast, the non-manufacturing sector saw a rise, with the PMI reaching 51.4 in February, an increase of 0.7 percentage points from the previous month. This marks the third consecutive month of growth in the non-manufacturing PMI.
Industries particularly impacted by the holiday season, such as retail, rail and road transportation, and catering, experienced robust growth with business activity indexes climbing above 53. Additionally, sectors like air transportation, monetary and financial services, and entertainment saw rapid expansion, with activity indexes surpassing 60 points.
The construction industry also showed positive signs, with both the business activity index and the new order index exceeding 60. This indicates a surge in demand for infrastructure investment, pointing to an acceleration in growth.
The financial sector continued its upward trajectory, with the business activity index rising above 60 in February. The banking industry, in particular, performed exceptionally well. January's social financing data suggests that the financial industry's support for the real economy is steadily increasing.
Caixin's manufacturing PMI for February reported a slight uptick to 50.9, up by 0.1 point from January. This is the highest reading since August 2023 and signals that business conditions have been strengthening over the past four months, according to a Caixin press release.
Wang Zhe, senior economist at Caixin Insight Group, highlighted that this marks the first time since the second half of 2021 that the private PMI data has remained in the expansion range for four consecutive months, indicating an overall economic recovery in the country.
Reference(s):
China's manufacturing PMI slightly down in February on holiday factors
cgtn.com
