MNI DATA IMPACT: China PMI Plunges To Record Low On Virus Hit

     BEIJING (MNI) - China's manufacturing Purchasing Manager Index (PMI)

plunged to an all-time low of 35.7 in February, down 14.3 points from the

previous month, giving an early insight of the full impact from the coronavirus

epidemic, the National Bureau of Statistics said on Saturday. 

     MNI highlights the following key points in the NBS statement:

     - Manufacturing PMI of agri-food processing and sectors providing basic

needs came in at 42.0, while that of the medical and pharmaceutical

manufacturing was 39.7.

     - Chemical fibre, equipment and automotive manufacturing PMI all slumped

below 30.0%.

     - Both production and new order sub-indexes slowed sharply, falling by 23.5

and 22.1 points to 27.8 and 29.3 respectively. With new orders higher than the

production sub-index, the NBS said it indicated manufacturing demand was still 

good.

     - New export and import order sub-indices were 28.7 and 31.9, down 20.0 and

17.1 respectively from January. Manufacturers surveyed noted an increase in

order cancellations and delayed delivery of products due to the virus, the NBS

said.

     - Non-manufacturing PMI dropped 24.5 points to 29.6 from a month earlier.

Financial industries stayed strong at 50.1, though the readings for

transportation, accommodation, catering and tourism sectors all plummeted below

20.0.

     - The March PMI is expected to improve amid a series of policy supports and

accelerated resumption of work, the NBS said. Up to 94.7 large and medium-sized

manufacturers will resume operations by end-March, 9.1 points higher, according

to the NBS survey of purchasing managers.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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