China’s manufacturing index, the purchasing managers index (PMI) nosedived in February, falling to 52 from 55.8.This follows a January drop from an all-time high of 56.6 in December. Note that any value over 50 indicates expansion, while below that indicates industry contraction. Thus February data indicates continues expansion, but a marked slow-down.
There were clear signs of weakening in many components of the index, the federation said in a statement.
“Given changing trends in domestic and overseas demand, China’s economic recovery faces definite uncertainties. We should pay close attention to the weakening in overseas orders,” it cited federation analyst Li Zhangqun as saying.