28 Feb 2018
PMI Report on China Manufacturing (February 2018)
China’s manufacturing PMI fell to 50.3 in February from 51.3 in January, indicating that the manufacturing sector in China expanded at a slower pace around and during the Chinese New Year holidays this year.
11 of the 13 sub-indices were lower than their respective levels in the previous month. The output and the new orders indices fell by 2.8 pts and 1.6 pts respectively in February, showing a moderation in the output growth and the growth of overall new orders in the month. Particularly noteworthy is that the input prices index dropped markedly by 6.3 pts from the previous month to 53.4 in February, showing an ease in upstream cost pressure. Meanwhile, the ex-factory prices index fell below the neutral level of 50, registering 49.2 in February. Chinese manufacturers slightly reduced the prices of their products in the month.
By size of enterprises, the PMI of ‘large enterprises’ came in at 52.2 in February, down from 52.6 in January. The PMI of ‘medium enterprises’ fell to 49.0 in February from 50.1 in January, while the PMI of ‘small enterprises’ dropped to 44.8 in February from 48.5 in January.
The output index was 50.7 in February, down from 53.5 in January. The output index of ‘large enterprises’ went down to 53.7 in February from 55.3 in January; the output index of ‘medium enterprises’ was 49.1 in February, down from 52.5 in January; the output index of ‘small enterprises’ fell to 41.5 in February from 48.4 in January.
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 The ‘new orders index’ covers both domestic and export orders. That is to say, the manufacturers are not asked to differentiate between domestic and export orders when filling in questionnaires.