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BEIJING (MNI)

Caixin China's manufacturing PMI for February rebounded 1.3 points on month to 50.4, moving above the breakeven 50 level, indicating improvement but still lower than the long-term average, financial publisher Caixin said on Tuesday.

Both the production and new order sub-indices returned to the expansion with moderate growth. There was improvement in demand as the new order sub-index recorded an eight-month high, and many surveyed companies reported stronger customer demand, driving a return to output growth, Caixin said.

The new export order sub-index remained below 50 for seven consecutive months as the overseas pandemic situation worsened and blocked transportation, but the decline narrowed from the previous month, Caixin said.

Caixin's PMI tracks small and medium-sized manufacturers, while the official PMI covering large state-owned companies and released on the same day edged up 0.1 points to 50.2 in February from January.

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