China's economic recovery gained significant momentum in February, as the purchasing managers' index (PMI) for both manufacturing and non-manufacturing sectors showcased strong performances, signaling robust growth across the economy.
The PMI for the manufacturing sector rose to 50.2 in February, up 1.1 percentage points from the previous month, re-entering the expansion zone. A PMI above 50 indicates economic expansion, while below 50 reflects contraction. Factors such as the resumption of production post-Spring Festival holiday contributed to this positive trend, according to Zhao Qinghe, a statistician at the National Bureau of Statistics (NBS).
Sub-indices for production and new orders also showed healthy growth, recording 52.5 and 51.1 respectively. Additionally, the equipment and high-tech manufacturing sectors reported PMIs of 50.8 and 50.9, further highlighting the breadth of the recovery.
The non-manufacturing sector's PMI reached 50.4 in February, up by 0.2 points from January, maintaining expansion territory. Business activity indices in sectors like air transport, telecommunications, and financial services remained robust, all staying above 55.
However, sectors related to consumer spending, including retail and accommodation, saw a decline in business activity indices. This dip was attributed to intensive purchasing before the Spring Festival and reduced holiday effects afterward.
The construction sector also performed well, with its sub-index climbing to 52.7, an increase of 3.4 percentage points from January. Overall, China's composite PMI stood at 51.1 in February, up by 1 percentage point, reflecting an accelerating economic recovery.
\"The recovery in February's manufacturing PMI is a structural one, backed by seasonal factors and a combination of policies, driven by both the supply and demand sides,\" said Wen Tao, an analyst at the China Logistics Information Center. He added that several sub-indices reaching new highs last month indicate a high-quality economic rebound.
Reference(s):
Key indicators show China's economic recovery gaining momentum
cgtn.com
