CCTV News: The China Federation of Logistics and Procurement and the National Bureau of Statistics Service Industry Survey Center announced the China Purchasing Managers Index for February on March 1. After the Spring Festival, all walks of life actively resumed work and production, and market demand generally rebounded. The manufacturing purchasing managers index returned to the expansion range, and multiple sub-indexes also rebounded to historical highs. First, focus on several of the important data.
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Data 1: Up 1.1 percentage points. The latest data shows that in February, my country's manufacturing purchasing managers' index (PMI) was 50.2%, up 1.1 percentage points from the previous month, returning to the expansion range.
Manufacturing industry demand improved significantly in February
Data 2: Up 1.9 and 2.7 percentage points. Data released on March 1 also showed that both production and demand indexes rebounded in February. Among them, the new order index was 51.1%, up 1.9 percentage points from the previous month. Driven by policies such as consumer goods traded for new products and large-scale equipment renewal, market demand has been effectively released and has driven significant growth in enterprise production activities. In February, the production index was 52.5%, up 2.7 percentage points from the previous month, and the manufacturing industry demand improved significantly.
The new order index of the basic raw materials industry hit a new high since April 2023 in February
Data 3: Up 3.4 percentage points. The resumption of work and production in the manufacturing industry and the growth of investment demand have also driven the rebound in the market demand for basic raw materials. In February, the new order index of the basic raw materials industry rose by 3.4 percentage points from the previous month, reaching a level of nearly 51%, a new high since April 2023. Based on the perspective, in February, market demand showed a general positive trend, and the endogenous momentum of the economy tended to consolidate.
