The PMI data released yesterday (March 1) showed that China's Manufacturing Purchasing Manager Index (PMI) was 50.2% in February, which was in the boom range for four consecutive months. Zhao Qinghe, Senior Statistician of the service industry survey center of the National Bureau of statistics, explained that China's economy as a whole continues to maintain a recovery and development trend, and the boom level is rising steadily. Manufacturing demand is expected to improve Affected by the good situation of enterprises returning to work and production after the festival, the manufacturing PMI continued to operate smoothly in the expansion range. In February, the purchasing managers' index (PMI) of China's manufacturing industry was 50.2%, up 0.1 percentage points from the previous month, and the prosperity level increased slightly. After the festival, the release of market demand of manufacturing industry has accelerated. The new order index was 50.7%, up 1.4 percentage points from the previous month, returning to the expansion range, indicating that the prosperity of manufacturing market demand picked up. "The new order index returned to the boom and bust line after six months, indicating that China's domestic demand has been better improved after the central economic work conference put forward 'implementing the strategy of expanding domestic demand and enhancing the endogenous driving force of development'." Zheng Houcheng, director of Yingda Securities Research Institute, told the Shanghai Securities News. The enterprise expectation index rose to its highest point in the near future. "Recently, relevant departments have issued a series of policies and measures to promote the steady growth of industrial economy, and the enterprise market expectation has been further improved. The expected index of production and operation activities is 558.7%, 1.2 percentage points higher than that of last month, rising to the recent high." Zhao Qinghe said. However, the pressure on the production and operation of small enterprises is still large. The PMI of small enterprises is 45.1%, 0.9 percentage points lower than that of the previous month, and the boom level is down at a low level. The PMI of large and medium-sized enterprises was 51.8% and 51.4% respectively, 0.2 and 0.9 percentage points higher than that of the previous month. Although the prosperity level of the manufacturing industry has rebounded, the proportion of enterprises reflecting high raw material costs, high labor costs and tight capital was 60.2%, 36.3% and 32.0% respectively, all increasing compared with the previous month. The prosperity level of the construction industry has improved significantly According to the data, the business activity index of the construction industry in February was 57.6%, an increase of 2.2 percentage points over the previous month. Among them, the business activity index of civil engineering construction industry was 58.6%, 8.9 percentage points higher than that of the previous month, and the prosperity level of construction industry was significantly improved. Wang Jingwen, director of the macro research center of the Research Institute of China Minsheng Bank, said, "since this year, the pre issuance of special bonds has accelerated the formation of physical workload. Major infrastructure projects in various regions have been moderately advanced and accelerated. The acceleration of construction after the Spring Festival has promoted a significant improvement in the outlook of the construction industry, and the role of underpinning growth is expected to continue to play." "The expected index of business activities of the construction industry has been running in the high boom range for two consecutive months, indicating that driven by the accelerated promotion of stable investment in the near future and the moderately advanced development of some major infrastructure projects and projects, construction enterprises have better expectations for the development of the industry." Zhao Qinghe said. Zheng Houcheng also said that the construction industry employee index rose by 6.60 percentage points from the previous value, returning to the boom and bust line, indicating a high growth rate of infrastructure investment in February. PMI is expected to continue to rise In February, the PMI of non manufacturing industry showed that the recovery of the industry was accelerated, the prosperity level of the service industry rebounded, and the recovery trend continued. The non manufacturing business activity index was 51.6%, up 0.5 percentage points from the previous month, higher than the critical point. Although compared with the monthly Spring Festival in previous years, the boom level is low. From the perspective of the industry, driven by the consumption of Spring Festival holidays, the business activity index of railway transportation, air transportation, postal express, culture, sports and entertainment industries all rose to a higher boom range of more than 57.0%, the total business volume of relevant enterprises increased month on month, and retail, ecological protection and environmental governance, residential services and other industries were relatively affected by the epidemic, The business activity index is in the low range below 45.0%. On the whole, driven by the sufficient, accurate and forward force of the early steady growth policy, the prosperity of manufacturing and non manufacturing industries improved in February. Wang Jingwen said that with the effective implementation of various steady growth policies and the moderate relaxation of epidemic prevention and control after the Winter Olympics, it is expected that the subsequent PMI will continue to rebound. From a year-on-year perspective, GDP in the second quarter may be the lowest point of the whole year, and the economy is expected to continue its recovery momentum in the second half of the year. Lian Ping, chief economist of Zhixin investment and President of the Research Institute, said that the policy of stabilizing growth in the future needs to be tailored to the case: first, we should continue to comprehensively promote epidemic prevention and control and normal operation of the economy, not only strictly prevent the epidemic, but also minimize the impact of the epidemic; Second, further introduce and implement relief and assistance policies for small and micro enterprises to alleviate the operating pressure of small and micro enterprises; Third, continue to do a good job in price regulation to ensure the stable operation of prices. (Xinhua News Agency)