Space Travel News
TRADE WARS
China manufacturing activity surges in February
China manufacturing activity surges in February
by AFP Staff Writers
Beijing (AFP) March 1, 2023

China's manufacturing activity surged to its highest reading in more than a decade in February, official figures showed Wednesday, as factories began to return to normal following years of Covid-19 disruption.

The world's second-largest economy is stirring back to life after Beijing's decision in December to abruptly drop its strict health measures, which mandated strict lockdowns, travel restrictions and mass testing.

February's figures reflected the subsiding of case numbers after a surge that began in December, coupled with the return to work after the Lunar New Year holiday.

The official manufacturing purchasing managers' index (PMI) -- a key gauge of Chinese factory output -- stood at 52.6 in February, compared with 50.1 a month earlier, the National Bureau of Statistics (NBS) announced.

The reading, the highest since 2012, surpassed expectations, with analysts surveyed by Bloomberg having predicted a much less marked increase to 50.6.

"With the effect of the holidays... and the repercussions of the epidemic fading away, the recovery of production by manufacturing companies accelerated and demand continued to rise," said NBS statistician Zhao Qinghe.

"The strong PMI confirms the economic recovery is on track," Zhiwei Zhang from Pinpoint Asset Management wrote in a note, adding he expected to see macro data further improve over the next few months.

"The strong rebound of domestic demand may lead to inflationary pressure in the next few months, but I don't expect it to be a persistent problem," he said.

The growth trend was confirmed Wednesday by the independent PMI index by IHS Markit for China's Caixin media group, which stood at 51.6 in February, compared with 49.2 the previous month.

The Caixin survey, which covers small and medium-sized enterprises, is seen by some as a more accurate reflection of China's economic situation than official figures, which more closely track large state groups.

It said employment rose, pressure on supply chains eased and delivery times improved for the first time in eight years.

"The return to a more normal business situation and the expected increase in customer demand means that business confidence for the year ahead is at its highest level for 23 months," it added.

More clues about China's economic health are expected to be revealed on Sunday when the annual session of the National People's Congress (NPC), China's parliament, opens in Beijing.

Premier Li Keqiang will present the last government report of his term in office.

ehl-reb/qan

IHS Global Insight

MARKIT

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Biden's student debt relief imperiled by conservative Supreme Court
Washington (AFP) Feb 28, 2023
President Joe Biden's effort to cancel close to $400 billion in student debt appeared under threat Tuesday in a hearing at the conservative-dominated US Supreme Court. A majority of the justices indicated in arguments presented Tuesday that they believe Biden exceeded his powers by adopting the costly program without specific authorization from Congress. Their eventual ruling in the case brought by conservative states could have a huge impact on millions of US households stuck paying for univers ... read more

TRADE WARS
TRADE WARS
Hansel and Gretel's breadcrumb trick inspires robotic exploration of caves on Mars and beyond

Sol 3756: Sit back and wait for the data to roll in

NASA's MAVEN spacecraft remains in safe mode after IMU issue

SuperCam's AI capabilities enhanced with AEGIS upgrade

TRADE WARS
UK companies to provide services for future Moon missions

ESA invites space firms to create lunar services

China releases Chang'e-4 payloads' scientific datasets

Chandrayaan-3 undergoes EMI/EMC test successfully

TRADE WARS
Newly discovered form of salty ice could exist on surface of extraterrestrial moons

New aurorae detected on Jupiter's four largest moons

JUICE's final take-off before lift-off

A new ring system discovered in our Solar System

TRADE WARS
Removing traces of life in lab helps NASA scientists study its origins

Nanosatellite shows the way to RNA medicine of the future

CARMENES project boosts the number of known planets in the solar neighbourhood

"Forbidden" planet orbiting small star challenges gas giant formation theories

TRADE WARS
SpaceX Dragon crew blasts off for ISS

Gilmour Space and Atomos Space sign MoU for launch and in-space transfers

ULA's Vulcan Centaur rocket is flying for the first time in May

SpaceX launches new Starlink 'V2 Mini' satellites into orbit

TRADE WARS
China's space station experiments pave way for new space technology

China solicits logos for manned space missions in 2023

Two crews set for Tiangong station in '23

Large number of launches planned

TRADE WARS
Ryugu Asteroid sample reveals organic-rich composition, first analysis shows

Meteorite crater discovered in French winery

Water rich asteroids came from far outside the asteroid belt

Planetary radar captures detailed view of oblong asteroid

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.