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People’s Daily: Volume of Railway Freight Declined as Did PMI

On March 26, People’s Daily reported that, according to the numbers that the National Development and Reform Commission (NDRC) released, the combined January and February railway freight volume saw a year-over-year decline of 9.1 percent. February is the 14th consecutive month that suffered a decline. Railway freight volume is one of the well-known indicators on which Chinese Premier Li Keqiang has focused. In February, another favorite indicator of his, total electricity consumption, also saw a 6.3 percent year-over-year decline. In addition, HSBC reported China’s February manufacturing sector PMI to be 49.2, far less than the expected number, a PMI of 50.5. PMI (Purchasing Managers Index) is an indicator of financial activity reflecting purchasing managers’ acquisition of goods and services. A PMI number below 50 typically reflects a decline.
Source: People’s Daily, March 26, 2015