China's official manufacturing Purchasing Managers' Index (PMI) registered 49.0% in February, a decrease of 0.3 percentage points from the previous month, according to data jointly released by the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing.

Historically, the PMI for the month containing the Spring Festival holiday tends to show some fluctuation. This year, the extended holiday period, which fell entirely in the second half of February, had a noticeable impact on business operations, leading to an overall decline in manufacturing activity.

The production sub-index and the new orders sub-index came in at 49.6% and 48.6% respectively, down by 1.0 and 0.6 percentage points from January. This indicates a moderation in both manufacturing output and market demand.

Sector-wise, industries such as agricultural and food processing, along with computers, communication, and other electronic equipment manufacturing, saw their production and new orders indices remain above the 50-point mark that separates expansion from contraction. In contrast, sectors including textiles, apparel, and automobiles continued to report indices below the threshold, signaling weaker market activity.

The data further revealed that the PMI for large enterprises stood at 51.5%, up 1.2 percentage points from the previous month, indicating continued expansion. Medium and small enterprises, however, were more significantly affected by the holiday period, with their PMI readings dropping to 47.5% and 44.8%, down by 1.2 and 2.6 percentage points respectively, reflecting a decline in business sentiment.

High-tech manufacturing continued to demonstrate strong growth momentum, with its PMI at 51.5%, remaining in expansion territory and significantly outperforming the overall manufacturing average. The consumer goods industry saw its PMI rise to 48.8%, up 0.5 percentage points, indicating a recovery in sentiment. Meanwhile, the equipment manufacturing and high-energy-consumption industries recorded PMI readings of 49.8% and 47.8%, down 0.3 and 0.1 percentage points respectively, pointing to a slight dip in activity levels.

The production and business activity expectation index climbed to 53.2%, an increase of 0.6 percentage points, suggesting that manufacturing firms have growing confidence in market prospects following the Spring Festival holiday.