National Bureau of Statistics interpretation: Manufacturing Purchasing Managers' Index significantly rebounds in February

The Senior Statistician of the National Bureau of Statistics (NBS) Service Industry Survey Center, Zhao Qinghe, interpreted the China Purchasing Managers' Index (PMI) for February 2025. The production index and new order index for February were 52.5% and 51.1% respectively, an increase of 2.7 and 1.9 percentage points from the previous month, both rising to the expansion zone, indicating a noticeable improvement in manufacturing demand. Looking at specific industries, the indices for non-ferrous metal smelting and rolling processing, general equipment, and electrical machinery and equipment were all at 54.0% or above, indicating a rapid release of demand in related industries; while the indices for textile, clothing, and apparel, as well as petroleum, coal, and other fuel processing industries were below the critical point, showing a weak supply and demand situation in these industries. With the recovery in demand, business procurement intentions strengthened, with the procurement quantity index at 52.1%, rising by 2.9 percentage points from the previous month. Full text: Manufacturing PMI rises to expansion zone in February, non-manufacturing business activity index slightly recovers - Zhao Qinghe, Senior Statistician of the NBS Service Industry Survey Center, interprets the China Purchasing Managers' Index for February 2025 On March 1, 2025, the NBS Service Industry Survey Center and the China Federation of Logistics & Purchasing released the China Purchasing Managers' Index. Zhao Qinghe, a senior statistician at the NBS Service Industry Survey Center, provided an analysis of the data. In February, as enterprises resumed production and operation activities after the Spring Festival, the manufacturing PMI significantly increased to 50.2%, up by 1.1 percentage points from the previous month; the non-manufacturing business activity index was 50.4%, up by 0.2 percentage points from the previous month; and the comprehensive PMI output index was 51.1%, up by 1.0 percentage points from the previous month. All three indices were in the expansion zone, indicating an overall improvement in China's economic outlook. I. Significant increase in manufacturing PMI In February, the manufacturing PMI rose to 50.2%, returning to the expansion zone. - Production demand indices both increase. The production index and new order index were 52.5% and 51.1% respectively, up by 2.7 and 1.9 percentage points from the previous month, both entering the expansion zone, indicating a significant improvement in manufacturing demand...