China’s official purchasing managers index dropped to 50.1 in February from 50.4 a month earlier.
This was consistent with the decline posted on HSBC’s flash PMI which also fell, from 52.3 in January to 50.4 this month.
The official production sub-index dipped to 51.2 in February from 51.3 in January; new orders fell to 50.1 from 51.6, and new export orders fell to 47.3 from 48.5.
“The results from business surveys may have been distorted by the Lunar New Year effect, so we will wait for macro data released on 9 March for a clearer picture of the economic pulse,” said Nomura economist Zhiwei Zhang. “However, the weak official PMI in January and February has cast some more doubt on the strength of the recovery.”