China's PMI Was 51.6% in February

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In February 2017, China's manufacturing purchasing managers index (PMI) was 51.6%, an increase of 0.3 percentage points over last month, and the manufacturing industry continued to keep a steady and positive development trend. 

In view of the sizes of enterprises, the PMI of large-sized enterprises was 53.3%, increased 0.6 percentage points over last month, and continued to be higher than the threshold; that of medium-sized enterprises was 50.5%, decreased 0.3 percentage points over last month, staying above the threshold for two consecutive months; that of small-sized enterprises was 46.4 percent, remained at the same level over last month, and continued to stay in the contraction range.

Among the five sub-indices composing PMI, the production index, new orders index and supplier delivery time index were higher than the threshold. The employed person index and main raw materials inventory index and were lower than the threshold.

Production index was 53.7%, an increase of 0.6 percentage points month-on-month, and was higher than the threshold, indicating that manufacturing production tended to be active.

New orders index was 53.0%, increased 0.2 percentage points month-on-month, and was higher than the threshold, showing that the manufacturing market demand was further improved.

Employed person index was 49.7%, increased 0.5 percentage points month-on-month, lower than the threshold, indicating that the pace of decline of manufacturing enterprises’ labor employment continued to narrow.

Main raw materials inventory index was 48.6%, increased 0.6 percentage points month-on-month,  and continued to be below the threshold, indicating that the pace of decline of manufacturing main raw material inventory decreased.

Supplier delivery time index was 50.5%, an increase of 0.7 percentage points over last month, and rose above the threshold, indicating that the delivery time of manufacturing raw material suppliers accelerated.