China's manufacturing PMI expands at fastest pace in 5 years: RatingDog survey for February

The RatingDog China General Manufacturing Purchasing Managers' Index (PMI) rose to 52.1 in February from 50.3 in January, indicating the sharpest overall expansion since December 2020.

New export orders grew at the most pronounced pace since September 2020, while production growth reached its highest level since June 2024, data compiled by S&P ​Global suggested on Wednesday.

"Overall, February's data show a strong expansion driven by robust supply and demand, with a notable external demand rebound," commented Yao Yu, founder at RatingDog, a credit research platform based in Shenzhen.

Meanwhile, the RatingDog China General Services Business Activity Index climbed to 56.7 in February from 52.3 in the previous month, expanding at its fastest pace in 33 months.

The Composite Output Index climbed to 55.4 in February from 51.6 in January, the ​quickest pace since May 2023, as output growth accelerated across both manufacturing and services.

On the same day, the country's official manufacturing PMI in February came in at 49.0, down 0.3 points from the previous month.

The fall was attributed to a slowdown in business production and operations because of the Spring Festival Holiday, said Huo Lihui, chief statistician with the Service Industry Survey Center under the National Bureau of Statistics.

Notably, the PMI for high-tech manufacturing stood at 51.5, remaining firmly in the expansion territory for the 13th consecutive month.

The non-manufacturing business activity index edged up 0.1 points from the previous month to 49.5. In particular, driven by the Spring Festival holiday, the business activity indices for accommodation and catering, as well as culture, sports and entertainment, all climbed above 60, remaining solidly in the expansion territory.