GuShiio.com In February, the manufacturing purchasing managers ‘index (PMI) was 50.2%, an increase of 1.1 percentage points from the previous month, and the manufacturing boom level rebounded significantly. In terms of enterprise size, the PMI for large enterprises was 52.5%, an increase of 2.6 percentage points from the previous month and above the critical point.
Financial Union, March 1, data from the National Bureau of Statistics showed that in February, the manufacturing purchasing managers index (PMI) was 50.2%, an increase of 1.1 percentage points from the previous month, and the manufacturing boom level rebounded significantly. In terms of enterprise size, the PMI of large enterprises was 52.5%, an increase of 2.6 percentage points from the previous month and above the critical point; the PMI of small and medium enterprises was 49.2% and 46.3%, respectively, down 0.3 and 0.2 percentage points from the previous month, both below the critical point.
Operation status of China Purchasing Managers Index in February 2025
1. Operation status of purchasing managers index for China’s manufacturing industry
In February, the manufacturing purchasing managers ‘index (PMI) was 50.2%, an increase of 1.1 percentage points from the previous month, and the manufacturing boom level rebounded significantly.
In terms of enterprise size, the PMI of large enterprises was 52.5%, an increase of 2.6 percentage points from the previous month and above the critical point; the PMI of small and medium enterprises was 49.2% and 46.3%, respectively, down 0.3 and 0.2 percentage points from the previous month, both below the critical point.
In terms of sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index, new order index and supplier delivery time index are above the critical point, and the raw material inventory index and employee index are below the critical point.
The production index was 52.5%, an increase of 2.7 percentage points from the previous month, indicating that production activities of manufacturing companies recovered rapidly after the Spring Festival.
The new orders index was 51.1%, an increase of 1.9 percentage points from the previous month, indicating that the demand level in the manufacturing market has rebounded.
The raw material inventory index was 47.0%, down 0.7 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry has expanded.
The employee index was 48.6%, an increase of 0.5 percentage points from the previous month, indicating that the employment boom of manufacturing enterprises has improved.
The supplier delivery time index was 51.0%, an increase of 0.7 percentage points from the previous month, indicating that the delivery time of manufacturing raw material suppliers has accelerated.
2. Operation status of China’s non-manufacturing purchasing managers index
In February, the non-manufacturing business activity index was 50.4%, an increase of 0.2 percentage points from the previous month, and the non-manufacturing boom level rebounded slightly.
In terms of industries, the construction industry business activity index was 52.7%, an increase of 3.4 percentage points from the previous month; the service industry business activity index was 50.0%, a decrease of 0.3 percentage points from the previous month. From an industry perspective, the business activity indices of industries such as air transportation, postal services, telecommunications, radio and television and satellite transmission services, monetary and financial services, and capital market services are all in the higher prosperity range of more than 55.0%; the business activity indices of retail, accommodation, catering and other industries are all below the critical point.
The new orders index was 46.1%, down 0.3 percentage points from the previous month, indicating that the level of demand in the non-manufacturing market has declined. In terms of industries, the construction industry’s new orders index was 46.8%, an increase of 2.1 percentage points from the previous month; the service industry’s new orders index was 45.9%, a decrease of 0.8 percentage points from the previous month.
The input price index was 48.4%, down 2.0 percentage points from the previous month, indicating that the overall level of input prices used by non-manufacturing companies for operating activities was lower than the previous month. In terms of industries, the construction industry input price index was 49.3%, an increase of 1.6 percentage points from the previous month; the service industry input price index was 48.2%, a decrease of 2.7 percentage points from the previous month.
The sales price index was 47.8%, down 0.8 percentage points from the previous month, indicating that the overall level of non-manufacturing sales prices fell from the previous month. In terms of industries, the sales price index of the construction industry was 49.1%, an increase of 1.3 percentage points from the previous month; the sales price index of the service industry was 47.6%, a decrease of 1.2 percentage points from the previous month.
The employee index was 46.5%, down 0.2 percentage points from the previous month, indicating that the employment boom of non-manufacturing enterprises declined slightly. In terms of industries, the construction industry employee index was 45.6%, down 3.1 percentage points from the previous month; the service industry employee index was 46.7%, up 0.4 percentage points from the previous month.
The business activity expectation index was 56.6%, a slight decrease of 0.1 percentage points from the previous month and still above the critical point, indicating that most non-manufacturing companies are more optimistic about market expectations. In terms of industries, the expected index of business activity in the construction industry was 54.7%, down 1.8 percentage points from the previous month; the expected index of business activity in the service industry was 56.9%, up 0.1 percentage points from the previous month.
3. Operation of China’s comprehensive PMI output index
In February, the comprehensive PMI output index was 51.1%, an increase of 1.0 percentage points from the previous month, indicating that my country’s economic prosperity has generally rebounded.
In February, the manufacturing purchasing managers ‘index rose to expansion range, and the non-manufacturing business activity index rebounded slightly
–Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, interprets the February 2025 China Purchasing Managers Index
On March 1, 2025, the Service Industry Survey Center of the National Bureau of Statistics and the China Logistics and Purchasing Federation released the China Purchasing Managers Index. Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, interpreted this.
In February, as enterprises continued to resume work and production after the Spring Festival and production and operation activities accelerated, the manufacturing purchasing managers index rebounded significantly to 50.2%, an increase of 1.1 percentage points from the previous month; the non-manufacturing business activity index was 50.4%, an increase of 0.2 percentage points from the previous month; the composite PMI output index was 51.1%, an increase of 1.0 percentage points from the previous month. The three major indices are all in the expansion range, and my country’s economic prosperity has generally rebounded.
1. The manufacturing purchasing managers index rebounded significantly
In February, the manufacturing PMI rose to 50.2%, returning to expansion range.
(1) Both production and demand indices rebounded. The production index and new orders index were 52.5% and 51.1% respectively, up 2.7 and 1.9 percentage points from the previous month, and both rose to the expansion range. Manufacturing production and demand improved significantly. From an industry perspective, the two indices of non-ferrous metal smelting and rolling processing, general equipment, electrical machinery and equipment industries are both at 54.0% or above, and the production and demand of related industries are released rapidly; textiles, clothing and apparel, petroleum, coal and other fuel processing industries are both below the critical point, and industry supply and demand are weak. Driven by the recovery of production and demand, companies have increased their willingness to purchase, with the purchase volume index of 52.1%, an increase of 2.9 percentage points from the previous month.
(2) The price index continues to rise. The purchase price index of major raw materials was 50.8%, an increase of 1.3 percentage points from the previous month. The overall level of purchase prices of raw materials in the manufacturing industry rebounded. Among them, the purchase price index of major raw materials in industries such as agricultural and sideline food processing, chemical fiber and rubber and plastic products, and electrical machinery and equipment were all in the higher boom range of more than 55.0%; the ex-factory price index was 48.5%, an increase of 1.1 percentage points from the previous month, and the sales price level of manufacturing products improved marginally.
(3) The PMI of large enterprises has returned to the expansion range. After the Spring Festival, large enterprises resumed work and production rapidly, and the prosperity level rebounded significantly. The PMI of large enterprises was 52.5%, an increase of 2.6 percentage points from the previous month. The recovery of production and operation activities of small and medium-sized enterprises after the holiday is relatively lagging behind, and the prosperity level has declined. The PMI of small and medium-sized enterprises is 49.2% and 46.3% respectively, down 0.3 and 0.2 percentage points from the previous month.
(4) PMI in key industries increased to varying degrees. The PMI of equipment manufacturing and high-tech manufacturing were 50.8% and 50.9% respectively, up 0.6 and 1.6 percentage points from the previous month, both in the expansion range; the PMI of high-energy-consuming industries and consumer goods industries was 49.8% and 49.9% respectively, up 2.2 and 0.8 percentage points from the previous month, and the prosperity level has improved.
2. The non-manufacturing business activity index rebounded slightly
In February, the non-manufacturing business activity index was 50.4%, an increase of 0.2 percentage points from the previous month, and the non-manufacturing industry continued to expand.
(1) The service industry business activity index is at a critical point. The service industry business activity index was 50.0%, down 0.3 percentage points from the previous month. From an industry perspective, the business activity indices of air transportation, postal services, telecommunications, radio and television and satellite transmission services, monetary and financial services, capital market services and other industries are all in a relatively prosperous range of more than 55.0%, and the total business volume is growing rapidly. Affected by factors such as concentrated purchasing before the festival and the fading of the holiday effect after the festival, the index of business activity in retail, accommodation, catering and other industries related to resident consumption fell significantly. In terms of market expectations, the business activity expectation index was 56.9%, an increase of 0.1 percentage points from the previous month. It has been in a relatively high prosperity range for five consecutive months, indicating that most service industry companies are more optimistic about the future development of the industry.
(2) The business activity index of the construction industry rebounded significantly. As the weather in some areas warms after the Spring Festival, investment projects start one after another, and enterprises gradually start production, the construction industry business activity index rose to the expansion range of 52.7%, an increase of 3.4 percentage points from the previous month. Among them, the civil engineering and construction industry business activity index was 65.1%, a large increase, indicating that the construction progress of infrastructure projects has accelerated after the holiday. From the perspective of market expectations, the business activity expectation index is 54.7%, and construction companies are more confident in the development of the industry.
3. The expansion of the comprehensive PMI output index accelerates
In February, the comprehensive PMI output index was 51.1%, an increase of 1.0 percentage points from the previous month and continued to be in the expansion range, indicating that the resumption and development of production and operation activities of Chinese enterprises after the Spring Festival have accelerated. The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, are 52.5% and 50.4% respectively.
