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Josephine Ma

China’s purchasing managers’ index, a key indicator for manufacturing activity, reached a three-month high in February and returned to positive territory as the country ramped up measures to boost the economy.
The PMI in February was 50.2 compared with 49.1 in January and 50.1 in December.
A reading above 50 indicates expansion, while one below 50 reflects contraction.
Analysts said the January PMI had been hit by a slow season in the manufacturing sector due to the Lunar New Year holiday.
PMI was sluggish in the second half of last year until it slightly improved in October and November, reaching 50.1 and 50.3 respectively.
Zhao Qinghe, from the National Bureau of Statistics (NBS), told state news agency Xinhua that the PMI data for February had been influenced by factors such as enterprises resuming production after the Spring Festival holiday.
NBS data also showed that the sub-indices for production and new orders came in at 52.5 and 51.1, respectively.
PMI for the equipment manufacturing sector and hi-tech manufacturing sector stood at 50.8 and 50.9, respectively.
China is expected to set an economic growth target of around 5 per cent for this year – broadly similar to last year – when officials, lawmakers and political consultants meet in Beijing for the year’s main political gathering known as the “two sessions”.
In recent months, the government has been trying to shore up investor and consumer confidence with a basket of measures, including a consumer goods trade-in scheme, purchase subsidies and the issue of long-term bonds.
Analysts will be looking for clues about further stimulus measures during the two sessions.


This year also marks the end date for the “Made in China 2025” programme, which was launched in 2015 to improve self-reliance and innovation across 10 key industries. Beijing is expected to roll out more measures after the progress of the scheme becomes clearer following the two sessions.
The government is also riding on the tide of excitement caused by the success of the DeepSeek artificial intelligence model to boost confidence in the tech and private sectors.
President Xi Jinping held a rare meeting with private entrepreneurs in February and the government has pledged to improve protections for the sector.
However, tariffs imposed by the United States threaten to overshadow the manufacturing recovery.
US President Donald Trump has said that an additional 10 per cent tariff will be placed on Chinese imports starting on Tuesday, compounding the initial 10 per cent rate that took effect last month.
China’s Ministry of Foreign Affairs “strongly” expressed its “dissatisfaction and resolute opposition” to the plans.


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China

Economy

China Economy

The manufacturing index stood at 50.2 for the month, up from January’s figure which was affected by the Lunar New Year holiday


The manufacturing index stood at 50.2 for the month, up from January’s figure which was affected by the Lunar New Year holiday.


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China's economic recovery