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People's Daily Online>>China Business

Manufacturing gains momentum in February (2)

(Xinhua)

15:51, March 01, 2012

Unlike January's rebound which was mostly boosted by soaring demand for consumer products during the festival period, the latest reading was mainly driven by equipment manufacturing, said a CFLP statement.

Last month, 13 industries, including transportation equipment manufacturing, pharmaceutical manufacturing and general machinery industries, enjoyed a PMI of over 50 percent, while the papermaking and beverage industries came in under 50 percent, according to the statement.

Meanwhile, the CFLP's sub-index for new orders hit 51 percent in February, up 0.6 percentage points from January, while the index for new export orders and imports saw a significant rebound, partly due to the improving economic climate in the U.S. and Europe, according to the statement.

The sub-index for new export orders added 4.2 percentage points to reach 51.1 percent and the sub-index for imports rose 3.9 percentage points to 50.8 percent.

"Looking at the demand growth in exports and investments, the economy is likely to see further pick-ups in the future, but at a slower pace," said Zhang Liqun, of the development research center of the State Council, China's cabinet.

But the CFLP stayed cautious in interpretations of the reading, saying a rising sub-index for new export orders directly after the Spring Festival is normal, which makes it important to watch the following trends concerning exports.

The PMI for small enterprises also received a lift, up 3.2 percentage points to hit 55.2 percent.

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