China’s Manufacturing and Services PMIs Grew Stronger Than Expected in February

China’s National Bureau of Statistics (NBS) reported today that the Purchasing Managers’ Index (PMI) for February was 50.2, up from 50.1 in January and above analysts’ expectations of 49.9.

The data is consistent with what Markit and Caixin also reported today: China’s manufacturing PMI rose to 50.4 in February from 49.1 in January.

Zhao Qinghe, senior statistician at NBS, said demand was rising and market forecasts were improving. This was a factor that caused the corporate sector to rise again in February.

According to the NBS, the price index for raw materials rose 3.6% in February to 60, while the price index for factory doors rose 3.2% to 54.1.

The NBS also announced that the services PMI was 51.6 in February, up from 51.1 in January and above analysts’ expectations of 50.7.

An index above 50 indicates that both the manufacturing and service sectors in China are continuing to expand.

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