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People’s Daily: Chinese Manufacturing PMI Declined in February

People’s Daily recently reported that, according to data jointly released by the Chinese National Bureau of Statistics and the China Federation of Logistics and Purchasing, China’s February manufacturing purchasing managers index (PMI) was 49.1 percent, down 0.1 percentage points from the previous month.

“The manufacturing industry was in the traditional off-season in February. In addition, the easing of COVID-19 controls means that more employees are returning home for the holidays than in previous years. This has greatly affected the production and operation of [Chinese] companies. The overall activity of the manufacturing industry has declined.”

The production sub-index of the PMI was 49.8 percent, down 1.5 percent from the previous month, reflecting a deceleration of corporate production activities; the new orders sub-index was 49.0 percent, remaining the same as in January. The PMI of large enterprises remained above the critical point, at 50.4 percent, the same reading as the previous month. The PMI for medium-sized enterprises was 49.1 percent, an increase of 0.2 points from the previous month. The small business PMI was 46.4 percent, a decrease of 0.8 percentage points from January. The high-tech manufacturing PMI was 50.8 percent, down 0.3 percentage points from January. The PMIs for equipment manufacturing and producers of consumer goods were 49.5 percent and 50.0 percent, respectively, down 0.6 and 0.1 percentage points from the previous month.

Source: People’s Daily, March 2, 2024