中国制造业PMI月刊（2025年2月）

China’s manufacturing PMI rises to 50.2inFebruary, indicating that the manufacturing Helen ChinHead William KongManager HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business Bldg 11of the 13 sub-indices were higher than their respective levels inJanuarywhen theChinese New Year holiday suppressed factory activity.For example, the new ordersindex went up by1.9ptsto a10-monthhigh of 51.1inFebruary, indicatingthat themarket demandhas resumed expansion lately. The new export orders index alsoincreasedby2.2pts to48.6,indicatingthat export demand has reduced at aslower By size of enterprises,the PMI of ‘large enterprises’surgedtoan almost two-year highof 52.5 in February from49.9in January. The PMI of ‘medium enterprises’declinedto The output indexjumpedto 52.5 in February from49.8 in January.The outputindicesof‘large enterprises’and ‘medium enterprises’roseabovethe neutral level of 50,registering56.2 and 52.1 respectivelyinFebruary.Meanwhile, theoutput indexof‘small The new orders indexwent up to 51.1 in February from49.2in January.The new ordersindexof ‘large enterprises’stayed inthe expansionary zone,registering 54.7inFebruary. The new export ordersindexincreasedto48.6 in February from46.4 in January.Thenew export orders index of‘largeenterprises’ roseabovethecritical 50-mark,registering The backlogs of orders indexclimbedto46.0 in February from45.6 in January.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘smallenterprises’allremainedbelowtheneutral level of 50,registering48.4, 44.5and42.4 The stocks of finished goods indexwent upto 48.3 in February from46.5 in January.The stocks of finished goods index of‘largeenterprises’returned to the expansionaryzone,registering 50.2 in February.Meanwhile, the stocks of finished goods indicesof The stocks of major inputs indexdroppedto47.0 in February from47.7 in January. Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘smallenterprises’ Thepurchases of inputs indexjumped to 52.1 in February from49.2 in January.Thepurchases of inputs indicesof ‘large enterprises’and ‘medium enterprises’stayed intheexpansionary zone, registering54.5 and51.2respectivelyinFebruary.Meanwhile, the The imports indexincreasedto49.5 in February from48.1 in January.Theimports indexof‘large enterprises’went uptothe neutral level of50in February.Theimports indexof The input prices indexwent upto50.8 in February from49.5 in January. Theinputpricesindexof‘large enterprises’remainedbelowthecritical 50-mark,registering49.3inFebruary.Meanwhile, the input prices indicesof‘medium enterprises’ and‘small Theex-factory prices indexroseto48.5 in February from47.4 in January.1Theex-factory prices indicesof‘largeenterprises’,‘mediumenterprises’and‘small The employment indexincreased to 48.6 in February from48.1inJanuary.Theemployment indicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’ The suppliers’ delivery time indexcame in at 51.0 in February, up from50.3 in January.A reading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ The business expectations indexfellto54.5 in February from55.3 in January.2Thebusiness expectations indices of ‘large enterprises’,‘medium enterprises’and ‘small CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is to push forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the nationalstatistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It isjointly published by Every month questionnaires are sent to 3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index based on