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People's Daily Online>>China Business

Manufacturing gains momentum in February (3)

(Xinhua)

15:51, March 01, 2012

The better-than-average performance came as the government has stepped up support for small and micro-sized businesses.

"The PMI shows that the favorable policies are beginning to work," said the statement.

The sub-index for purchase prices rose 4 percentage points from January to 54 percent, which Zhang said was cause to guard against imported inflation.

However, the CFLP's data jarred with figures released hours later by British bank HSBC, which placed the PMI for February at 49.6, up slightly from 48.8 in January but still below the demarcation line.

HSBC economist Qu Hongbin said the mild pick-up did not change the overall slowing trend of China's economic growth.

Qu expects the central bank to further ease policies to prop up growth, and Peng agreed, predicting two or three more RRR cuts in the first half of the year.

The CFLP's PMI is based on a survey of purchasing managers in 820 companies in 20 industries.

China plans to expand the sample size for measuring the PMI from the current 820 companies to around 3,000, according to a previous statement from the National Bureau of Statistics and the CFLP. A timetable for the changes has not been specified.

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