XINHUA – China’s economic recovery gathered momentum in February, with the purchasing managers’ index (PMI) for both the manufacturing and non-manufacturing sectors revealing strong performances, experts said.
The PMI for China’s manufacturing sector came in at 50.2 in February, up 1.1 percentage points from the previous month and bouncing back to the expansion zone, official data showed.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
National Bureau of Statistics (NBS) statistician Zhao Qinghe said the PMI data in February was influenced by factors including enterprises resuming production after the Spring Festival holiday.
NBS data also revealed that the sub-indices of production and new orders came in at 52.5 and 51.1, respectively. The February PMI for the equipment manufacturing sector and high-tech manufacturing sector stood at 50.8 and 50.9, respectively, according to the NBS.
The PMI for China’s non-manufacturing sector came in at 50.4 in February, up 0.2 percentage points from the previous month and remaining in expansion territory, official data showed.
Business activity indices in sectors such as air transport, postal services, telecommunications, radio, television, satellite transmission services, monetary and financial services, and capital market services remained above 55 in February – indicating robust growth in overall business volume, Zhao said.
However, the statistician also pointed out that business activity indices in sectors related to consumer spending, such as retail, accommodation and catering, significantly declined in February, influenced by factors including intensive purchasing ahead of the Spring Festival holiday and waning holiday effects during the post-festival period.
In February, the construction sub-index came in at 52.7, an increase of 3.4 percentage points from the previous month, according to NBS data.
China’s composite PMI stood at 51.1 in February, up one percentage point from the previous month, the NBS confirmed.
