According to data released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing on the 1st, China's manufacturing and non-manufacturing Purchasing Managers' Index (PMI) rose by 0.1 and 0.2 percentage points respectively in February, reaching 49.9% and 53.9%.
According to historical data, the manufacturing PMI of the Spring Festival was mostly down, but the PMI rose slightly by 0.1 percentage point to 49.9% in February, ending the previous four-month decline, indicating that the manufacturing contraction narrowed.
In this regard, Zhao Qinghe, senior statistician of the Service Industry Research Center of the National Bureau of Statistics, said that market demand has rebounded and corporate confidence has increased under the effect of reducing macroeconomic policies such as tax reduction and fee reduction and key infrastructure construction in the near future. The expected index of production and operation activities has returned to the critical point. In addition, the prices of bulk products such as international crude oil have stabilized, and the price index of major raw materials purchased for six consecutive months has rebounded. This is the main reason for the rebound in manufacturing PMI for the month.
In February, the non-manufacturing business activity index was 53.9%, which continued to be in a higher economic range, indicating that China's non-manufacturing industry maintained a stable expansion overall. In terms of industries, the service industry business activity index increased by 0.3 percentage points from the previous month to 53.2%, while the construction industry business activity index fell by 0.4 percentage points to 56.5%.
Zhao Qinghe said that the characteristics of holiday consumption in February were outstanding, and the total business volume of retail, catering, telecommunications, air transportation, road transportation and other industries increased rapidly, which was one of the main factors for the rebound of the business activity index of the service industry. The construction industry in the month was slightly affected by the cold weather and the Spring Festival factors.
He believes that after the Spring Festival, with the gradual warming of the weather and the acceleration of infrastructure construction projects, construction industry production activities are expected to accelerate.
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