China’s manufacturing activity expanded somewhat in February, with an improvement in new orders, evidencing some resilience in the world’s second-largest economy even as upward downward pressures and Russia’s invasion of Ukraine added to uncertainties.
The Purchasing Managers’ Index (PMI), the official manufacturing index, came in at 50.2 in February, above the 50-point mark that separates growth from contraction, and slightly higher than the 50.1 in February. January, data from the National Bureau of Statistics showed on Tuesday.
Analysts had expected the PMI to drop to 49.9.
China’s economy rebounded strongly from the pandemic-induced slump in 2020, although momentum began to deflate in the northern summer of last year, with a real estate debt crisis and tough virus measures shaking confidence. and consumer spending.
Policymakers have pledged to set growth this year, and all eyes are on the annual meeting of the country’s top legislature, which begins March 5, during which the government will present economic targets for this year and likely more measures. of stimulus.
New orders grew for the first time since August last year, with demand improving after the Lunar New Year holidays. Sectors such as pharmaceuticals, special equipment and auto industries have expanded rapidly in the past month.
However, output growth slowed, with a sub-index at 50.4 from 50.9 in January.
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