The Chinese economy has made yet another case for economic recovery as factory activities in the month of February continued its strong growth, according to the official and private data released simultaneously on Wednesday.
The Chinese economy has made yet another case for economic recovery as factory activities in the month of February continued its strong growth, according to the official and private data released simultaneously on Wednesday.
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China’s official purchasing managers’ indexes (PMI) rose to 51.6 in February, a tad higher than the 51.3 recorded in the previous month, according to theNational Bureau of Statistics (NBS). Last month’s official PMI surpassed analyst’s expectations by an even higher margin, with Bloomberg survey predicting that February PMI would be at 51.2.
The increase in February PMI was due to a surge in export, which clearly indicated that the global demand for Chinese goods was picking up, the NBS said.
Zhang Fan, an economist with RHB Capital Bhd, described the PMI increase to be surprising as he attributed the impressive performance to the “midstream industries such as steel.
