Data released by the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics & Purchasing shows that China's Manufacturing Purchasing Managers' Index (PMI) stood at 49.0% in February, down 0.3 percentage points from the previous month. Historically, the month containing the Spring Festival holiday often sees some fluctuations in PMI readings. This year, the holiday period was extended and fell entirely in the second half of February, which had a certain impact on enterprise production and operations, leading to an overall decline in manufacturing market activity.

The production index and new orders index were 49.6% and 48.6% respectively, declining by 1.0 and 0.6 percentage points from January, indicating a slowdown in manufacturing production and market demand. By sector, industries such as agricultural and food processing, and computer and communication electronic equipment maintained production and new orders indices above the 50-point threshold, indicating continued expansion in output and demand. Conversely, sectors like textiles, apparel, and automobiles saw both indices remain below 50, reflecting weaker market activity.

The PMI for large enterprises rose to 51.5%, up 1.2 percentage points from the previous month, indicating sustained expansion in their production and operations. Medium and small enterprises were more significantly affected by the holiday period, with their PMI readings falling to 47.5% and 44.8%, down by 1.2 and 2.6 percentage points respectively, signaling a decline in business sentiment.

High-tech manufacturing continued to show growth momentum, with its PMI at 51.5%, remaining in expansion territory and significantly higher than the overall manufacturing average. The consumer goods industry PMI rose to 48.8%, up 0.5 percentage points from January, indicating improved sentiment. In contrast, the equipment manufacturing and high-energy-consumption industries saw their PMI readings fall to 49.8% and 47.8%, down 0.3 and 0.1 percentage points respectively.

The production and business activity expectation index increased to 53.2%, up 0.6 percentage points from the previous month, suggesting that manufacturing companies have growing confidence in market development following the Spring Festival holiday.