China's purchasing managers' index (PMI) for the manufacturing sector dropped to 50.2 percent in February, down from 50.5 percent for January, according to data released by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) on March 1.
The index shows the manufacturing sector is expanding, but the rate of growth is slowing down, said Zhao Qinghe, a senior analyst with the NBS. A reading below 50 indicates contraction, while that above 50 signals expansion.
Zhao attributed the decline to the Spring Festival holiday, when most enterprises suspended production and workers went back home for the holiday.
The PMI for China's non-manufacturing sector rebounded in February after dropping for three consecutive months. The index reached 55 percent in February, up 1.6 percentage points from January.
CFLP Vice Chairman Cai Jin attributed the rebound mainly to robust business activities after the Spring Festival holiday (January 31-February 6). |