China Manufacturing PMI

Last Release

Feb 29, 2024

Actual

50.9

Units In

Points

50.8

Frequency

Monthly

Next Release

Apr 01, 2024

Time to Release

29 Days 1 Hours

Highest	Lowest	Average	Date Range	Source
54.9 Nov 2020	40.3 Feb 2020	50.07 Points	2011-2024	Markit Economics

In China, the Caixin Manufacturing PMI Purchasing Managers' Index measures the performance of the manufacturing sector and is derived from a survey of private 430 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

Latest Updates

The Caixin China General Manufacturing PMI was up to 50.9 in February 2024 from 50.8 in the prior two months, beating market estimates of 50.6. It was the fourth straight month of growth in factory activity and the strongest pace since August 2023, in contrast with official data that showed an extended decline. Output rose the most since May 2023, new order growth accelerated, and foreign sales expanded at the strongest pace in a year. Also, buying levels went up at the fastest rate in 11 months. Meanwhile, employment was subdued amid efforts from companies to reduce costs and enhance efficiency. On inflation, input prices rose at the weakest rate in seven months. Meanwhile, firms cut their selling prices slightly for the second month in a row due to efforts to stimulate new demand. Finally, sentiment strengthened to its highest since April 2023, buoyed by forecasts of firmer global economic conditions, new product lines, and investment in new equipment.