In February, the manufacturing PMI was 50.3, a decrease of 1 percentage point from the previous month, setting a new low since July 2016

Affected by the Spring Festival factor, the manufacturing PMI and non-manufacturing PMI declined in February, especially the manufacturing PMI fell by 1% month-on-month. However, the manufacturing PMI has also been expanding for 19 consecutive months. Analysts believe that, excluding the impact of short-term factors, the steady economic growth has not changed. It is expected that as the production and operation activities of enterprises gradually return to normal after the holiday, economic operations will return to a stable and positive trend.　　The manufacturing industry has continued to expand for 19 consecutive months.　　Data released yesterday by the China Federation of Logistics and Purchasing and the National Bureau of Statistics showed that in February, the manufacturing PMI was 50.3%, a decrease of 1 percentage point from the previous month, setting a new low since July 2016.　　 From the perspective of 13 sub-indices, the raw material inventory index and the production and operation expectation index have increased, and the production, new orders, purchase volume, raw material purchase prices, and ex-factory prices have fallen by more than 1 percentage point. Zhang Jun, chief economist at Morgan Stanley Huaxin Securities, said: “The sharp drop in manufacturing PMI in February was largely due to the disturbance of the Spring Festival factor. From historical data, the value of the month during the Spring Festival holiday will be significantly lower.” 　　It is believed that in the PMI sub-index in February, the production and operation expectations index rebounded sharply from 56.8% in January to 58.2%, reflecting that companies are relatively optimistic about the production and operation activities expected in March after the resumption of work during the Spring Festival holiday. Chen Zhongtao, deputy chief economist of the China Logistics Information Center, also said that overall, market demand is good, production and operation activities of large enterprises have remained relatively stable, and the rise in raw material prices has slowed. It is expected that production and operation activities of enterprises will gradually return to normal after the holiday and economic operation Return to the basic trend of stability and improvement.　　 The manufacturing PMI continued to fall in the first two months of this year, but the current index has remained above 50% for 19 consecutive months, indicating that the manufacturing industry is still expanding. When interpreting the data, Zhao Qinghe, a senior statistician from the Service Industry Survey Center of the National Bureau of Statistics, said that the overall PMI of the manufacturing industry continued to expand in February, and showed that the high-tech manufacturing industry continued to accelerate development, and the equipment manufacturing industry accelerated its expansion. Confidence has increased.　　Consumer industry is active 　　 consistent with the downward trend of manufacturing PMI, the non-manufacturing PMI fell by 0.9 percentage points from the previous month to 54.4% in February, and the non-manufacturing industry as a whole still maintained a relatively high level of prosperity.　　 From the perspective of specific industries, the construction industry and the producer service industry, which is dominated by the bulk commodity wholesale industry, have entered the seasonal off-season, and the relevant business activity index has seen a relatively obvious correction. However, the operation of the service industry is relatively stable, especially the festival consumption-related industries have performed well, and the related industry indexes such as retail, accommodation and catering, and tourism have rebounded significantly.　　Data shows that in February, the business activity index of retail, catering, railway transportation, air transportation, telecommunications, Internet software, and tourism-related industries were all in a relatively high prosperous range of more than 56%, and consumption's role in stimulating economic growth was further strengthened.　　 Liu Xuezhi, a senior researcher at the Financial Research Center of the Bank of Communications, said that the decline in PMI at the beginning of the year does not represent the trend of economic operations throughout the year. The economic trend this year will depend on the strength of the rebound after the weakening of seasonal factors. The prices of some industrial primary products and intermediate products rose rapidly after the Spring Festival holiday, which may indicate a recovery in demand after the Spring Festival holiday. 'Excluding the impact of short-term factors, it can be considered that the steady economic growth has not changed.' Zhang Liqun, a researcher at the Development Research Center of the State Council, said that this year's economic growth is stable. High-quality development provides a better macroeconomic environment.　　 He said that with the further advancement of supply-side structural reforms, it is expected that the new characteristics of economic growth that focus on improving quality and efficiency, reducing emissions and reducing consumption will become increasingly obvious. Information source: China Industry Information Network