China’s vast manufacturing industry sent mixed signals last month about the health of the economy, fueling calls for Beijing to do more to boost growth just days before a key meeting of the country’s leaders.
The National Bureau of Statistics reported Friday that the official Purchasing Managers’ Index of activity at mainly large, state-owned manufacturers dropped to 49.1 last month, down from 49.2 in January. It was the fifth consecutive month the index has shown a reading below 50, indicating contraction in the sector. But the Caixin manufacturing PMI — which focuses on smaller, private companies — rose to 50.9 in February, up from 50.
“Overall, the manufacturing sector continued to improve in February,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement that accompanied the Caixin PMI data. However, the economy still faces headwinds, he added. This was reflected by total new orders growing more slowly than output, prices remaining subdued, and employment continuing to contract. “Looking ahead, the focus should be on the effectiveness of the measures ,” Wang said.
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