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MNI BRIEF: China's Mfg PMI Continues To Expand In Feb

MNI (Singapore)
MNI (Beijing)

China's Purchasing Managers' Index (PMI) rose for a second month to 52.6 in February, with the increase from 50.1 in January led by the quick recovery in both production and new orders, data from the National Bureau of Statistics on Wednesday showed.

The production sub-index jumped to 56.7 in February, a sharp rebound from January's 49.8 reading and return to expansion territory after four months of contraction. As the impacts of the Spring Festival holiday and epidemic fade, the recovery in production is accelerating and market demand continues to improve, the NBS said.

The new orders sub-index, a gauge of demand, improved to 54.1 from last month's 50.9, marking the second monthly expansion.

The non-manufacturing PMI registered a reading of 56.3, the highest level over the past year, driven by a significant increase in services activities, according to the NBS.

Despite the rebound, the NBS said insufficient market demand was still prominent. The foundation for recovery and development still needs to be further consolidated, the NBS warned.

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