KURE - China Manufacturing PMI expanded at its fastest pace in more than a decade in February

• The official manufacturing purchasing managers’ index rose to 52.6 last month, up from 50.1 in January, according to the National Bureau of Statistics, to the highest reading since April 2012.
• This was the second straight month of expansion in factory activity and the fastest pace since March 2012, buoyed by Beijing's recent decision to exit from a zero-COVID policy.
• The official non-manufacturing PMI, which measures business sentiment in the services and construction sectors, rose to 56.3 in February from 54.4 in January.
• The official composite PMI, which includes both manufacturing and services activity, rose to 56.4 in February, up from 52.9 in January.
• The upturn was boosted by Beijing's decision in December to lift all COVID restrictions. Factory activity expanded the most since April 2012 while the service sector grew at the fastest pace in 22 months.
• "In February, the economic stabilization policy measures further took effect, coupled with the epidemic’s impact receding and other favorable factors, the speed of enterprises to resume production quickened, meaning China’s economic prosperity continued to rebound,” said NBS statistician Zhao Qinghe. However, Qinghe warned that the problem of insufficient market demand is still prominent, while the foundation of China’s economic recovery still needs to be strengthened, and the subsequent trend of the purchasing managers’ index needs to be further observed."
• Finally, business sentiment strengthened to a 12-month high.

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