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China's Feb. manufacturing PMI up to 51%

03-01-2012 13:55 BJT

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Manufacturing activity grew last month, with official manufacturing PMI coming in at 51 in February, inching up from 50.5 in January and beating market expectations by an inch. That makes three consecutive months of growth, after a contraction back in November.

According to figures released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing, China’s February manufacturing PMI came in better-than-expected at 51 from 50.5 in January.

50 marks the line between expansion and contraction. With the figure rising for the third month in a row, experts are saying it’s a sign that China’s manufacturing sector is on the road to recovery.

Cai Jin, vice president of China Federation of Logistics & Purchasing, said, "PMI has been rising for a third month now, it means China’s manufacturing activities are recovering steadily."

New orders index rose 0.6 percent to 51 percent. Experts say this means external demand has increased, and that export will improve in near-term.

Zhang Liqun, senior researcher in Development Research Center, State Council, said, "New orders and export order index have been rising, it shows productions are on the path to recovery."

The rise of Feb PMI is driven by industries producing machineries and equipments, which see their manufacturing index increasing to over 60 percent.

It looks like spring is finally coming, with Chinese PMI indicating a good start to the season. With China’s central bank cutting its reserve ratio to boost the economy, and U.S manufacturing also on the rise, things are certainly looking brighter for the global economy.

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Editor:Zhang Dan |Source: CNTV.CN

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