China PMI: Factory growth slows due to new year celebration & smog war
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Now for a look at Chinese economy. Data from the National Bureau of Statistics shows growth in China's manufacturing sector in February slowed more than expected to the weakest in over one-and-a-half years. That's because the Lunar New Year holidays disrupted business activity, and tougher pollution rules curtailed factory output. The official Purchasing Managers' Index (PMI) released today fell to 50.3 in February. But it remained just above the 50-point mark that separates growth from contraction on a monthly basis. A sister survey shows service sector activities eased in February. That's due to a lackluster performance in property and financial services. Chinese policymakers are counting on growth in services and consumption to rebalance their economic growth model from its heavy reliance on investment and exports.