China's Manufacturing Accelerates as Economy Revives
Two surveys show China’s factory activity accelerated in February as the economy revived following the end of anti-virus controls that kept millions of people at home and disrupted travel and trade
From the Equity Insider archive. This article dates from Mar 1, 2023 and is preserved as first published.
Two surveys show China’s factory activity accelerated in February as the economy revived following the end of anti-virus controls that kept millions of people at home and disrupted travel and trade
BEIJING — China’s factory activity accelerated in February as the economy revived following the end of anti-virus controls that kept millions of people at home and disrupted travel and trade, two surveys showed Wednesday.
Purchasing managers’ indexes issued by a business magazine, Caixin, and the official China Federation of Logistics & Purchasing rebounded to levels that show activity growing. Measures of production, exports and new orders all rose.
Business activity is recovering after the ruling Communist Party ended stringent anti-virus restrictions in early December. That followed a slump in activity that dragged last year’s economic growth to 3%, its second-lowest level since at least the 1970s.
Business activity is recovering after the ruling Communist Party ended stringent anti-virus restrictions in early December.
“Operations and customer demand revived,” Caixin said in a statement.
The Caixin PMI rose to 51.6 from January’s 49.2 on a 100-point scale. Numbers above 50 show activity growing. Caixin said it was the first improvement in seven months and the second-highest reading in 21 months.
The Federation’s PMI, issued with the national statistics agency, rose to 52.6 from the previous month’s breakeven level of 50.1.
