In February, the manufacturing purchasing managers’ index (PMI) was 52.6%, up 2.5 percentage points from the previous month and higher than the critical point, indicating that the manufacturing sentiment continued to improve.
Looking at the company size, the PMI of large, medium and small enterprises was 53.7%, 52.0% and 51.2%, respectively, up 1.4, 3.4 and 4.0 percentage points from the previous month and all higher than the critical point.
In terms of sub-indexes, among the five sub-indexes constituting the manufacturing PMI, the production index, new order index, employment index and supplier delivery time index were all higher than the critical point, while the raw material inventory index was lower than the critical point.
In February, the non-manufacturing business activity index was 56.3%, up 1.9 percentage points from the previous month and higher than the critical point, indicating that the recovery of non-manufacturing activities is improving.
By industry, the business activity index of construction industry was 60.2%, up 3.8 percentage points from the previous month, while that of service industry was 55.6%, up 1.6 percentage points from the previous month. In terms of industry, the business activity index of road transportation, aviation transportation, postal service, accommodation, leasing and business services remained above 60.0%, while that of wholesaling and insurance was lower than the critical point.
The new order index was 55.8%, up 3.3 percentage points from the previous month and higher than the critical point, indicating that the market demand of non-manufacturing sector continued to rebound. By industry, the new order index of construction industry was 62.1%, up 4.7 percentage points from the previous month, while that of service industry was 54.7%, up 3.1 percentage points from the previous month.
The input price index was 51.1%, down 0.4 percentage points from the previous month and higher than the critical point, indicating that the overall level of input prices used for business activities in non-manufacturing sector has declined. By industry, the input price index of construction industry remained the same as last month, while that of service industry was 50.4%, down 0.5 percentage points from the previous month.
The sales price index was 50.8%, up 2.5 percentage points from the previous month and higher than the critical point, indicating that the overall level of sales prices in non-manufacturing sector has increased. By industry, the sales price index of construction industry was 53.6%, up 0.8 percentage points from the previous month, while that of service industry was 50.4%, up 2.9 percentage points from the previous month.
The employment index was 50.2%, up 3.5 percentage points from the previous month, indicating that the employment of non-manufacturing sector has increased from the previous month. By industry, the employment index of construction industry was 58.6%, up 5.5 percentage points from the previous month, while that of service industry was 48.7%, up 3.2 percentage points from the previous month.
The business activity expectation index was 64.9%, the same as last month and higher than the critical point, indicating that the non-manufacturing enterprises have a better expectation of the market recovery in the near future. By industry, the business activity expectation index of construction industry was 65.8%, down 2.4 percentage points from the previous month, while that of service industry was 64.8%, up 0.5 percentage points from the previous month.
In February, the composite PMI output index was 56.4%, up 3.5 percentage points from the previous month and higher than the critical point, indicating that the overall business sentiment of enterprises in China continued to improve.
In February, the Business Activity Index of China’s non-manufacturing industry was 56.4%, an increase of 0.4 percentage points from the previous month and higher than the critical point. It shows that the overall business activity in China’s non-manufacturing industry is continuing to recover.
Industry-wise, the Business Activity Index of the construction industry was 60.2%, an increase of 3.8 percentage points from the previous month. The Business Activity Index of the services industry was 55.6%, an increase of 1.6 percentage points from the previous month. In terms of industry, the Business Activity Index of industries such as road transportation, air transportation, postal services, accommodation, leasing and commercial services were all above 60.0%, while the Business Activity Index of industries such as wholesale and insurance were below the critical point.
The New Order Index was 55.8%, an increase of 3.3 percentage points from the previous month and higher than the critical point, indicating that the market demand in the non-manufacturing sector continues to warm up. Industry-wise, the New Order Index of the construction industry was 62.1%, an increase of 4.7 percentage points from the previous month; the New Order Index of the services industry was 54.7%, an increase of 3.1 percentage points from the previous month.
The Input Price Index was 51.1%, a decrease of 0.4 percentage points from the previous month and higher than the critical point, indicating that the overall input price level of the non-manufacturing enterprises has declined. Industry-wise, the Input Price Index of the construction industry was 55.3%, the same as the previous month; the Input Price Index of the services industry was 50.4%, a decrease of 0.5 percentage points from the previous month.
The Sales Price Index was 50.8%, an increase of 2.5 percentage points from the previous month and higher than the critical point, indicating that the overall sales price level of the non-manufacturing sector has increased. Industry-wise, the Sales Price Index of the construction industry was 53.6%, an increase of 0.8 percentage points from the previous month; the Sales Price Index of the services industry was 50.4%, an increase of 2.9 percentage points from the previous month.
The Employment Index was 50.2%, an increase of 3.5 percentage points from the previous month, indicating that the employment of non-manufacturing enterprises has increased compared to the previous month. Industry-wise, the Employment Index of the construction industry was 58.6%, an increase of 5.5 percentage points from the previous month; the Employment Index of the services industry was 48.7%, an increase of 3.2 percentage points from the previous month.
The Business Expectation Index was 64.9%, the same as the previous month and higher than the critical point, indicating that non-manufacturing enterprises have a positive expectation for the recovery and development of the market in the near future. Industry-wise, the Business Expectation Index of the construction industry was 65.8%, a decrease of 2.4 percentage points from the previous month; the Business Expectation Index of the services industry was 64.8%, an increase of 0.5 percentage points from the previous month.
Finally, the Composite PMI Output Index for February was 56.4%, an increase of 3.5 percentage points from the previous month and higher than the critical point, indicating that the business and operational level of China’s enterprises continues to rebound.