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China's Purchasing Managers' Index (PMI) rose to 50.2 in February, up 1.1 percentage points from January, according to data released by the National Bureau of Statistics on Saturday. The increase signals accelerating production activities.
Zhao Qinghe, a senior statistician at the bureau, attributed the increase to accelerated business resumption after the Spring Festival holiday. As businesses ramped up operations and production accelerated, manufacturing demand showed a steady recovery, according to Zhao.
Among the key sub-indexes, the production index rose to 52.5, a jump of 2.7 percentage points from last month, while the new order index rose to 51.1, up 1.9 percentage points from January, indicating healthier market demand. The supplier delivery time index reached 51.0, up 0.7 percentage point from January, suggesting an acceleration in manufacturing material deliveries.
The raw material inventory index stood at 47.0, while the employment index reached 48.6, up 0.5 percentage points from January, signaling a gradual improvement in employment sentiment.
February's PMI increase indicates the rebound trajectory of China's economy, as reflected in steady improvements across market demand, production, services, and construction, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Saturday.
China's non-manufacturing PMI rose by 0.2 percentage points to 50.4, and the composite PMI climbed to 51.1, rising by 1 percentage point from the previous month.
With all three gauges returning to expansion territory, it is suggested the overall economic prosperity level of the country is improving, Zhao noted.
As a key indicator of the macroeconomy, the PMI rise signals stronger economic activity and heightened market confidence in China, Wang said, adding that while he expects the uptrend will continue in March.
China's February PMI rise reflects strengthening market demand and expanding production activities nationwide, driven by policy measures to stimulate economic growth, Wang said. "Such measures will help unleash market potential and boost the economic upturn," he added.
Global Times
