February PMI fell slightly for 12 consecutive months of manufacturing expansion

According to data released by the China Federation of Logistics and Purchasing, the China Manufacturing Purchasing Managers Index (PMI) was 52.0% in February this year. Despite the impact of the Spring Festival, the index was significantly lower than the record of 55.8 last month, but in February China's manufacturing industry continued to expand for the 12th consecutive month.
HSBC also released data yesterday, HSBC China's manufacturing purchasing managers index was 55.8 in February, lower than the record level in January, lower than the new high of 57.4 since the index was compiled in January this year, also lower than last year's 12 56.1 of the month. However, the index is above the 50 critical level for the eleventh consecutive month and remains at a high level, indicating that China's manufacturing industry continues to grow.
PMI is an important indicator of national manufacturing activity. A PMI above 50 indicates that manufacturing activity is in an overall expansion trend, while below 50 indicates a contraction in manufacturing. The index climbed almost all the way from 45.3 in January 2009 and reached a 20-month high of 56.6 in December.
Analysts believe that the sharp drop in data last month was mainly affected by the Spring Festival factor. It is a normal seasonal fluctuation. It is expected that the PMI will rebound in March. However, due to the adjustment of macroeconomic policies, the pace of economic growth will slow down, but industrial activities are still slow. active.
Qu Hongbin, chief economist at HSBC China, said that although the PMI has decreased in February, the growth momentum of China's manufacturing industry is still very strong, and industrial production activities in the next few quarters are expected to accelerate.

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