CCTV News: According to the website of the National Bureau of Statistics, on March 1, 2025, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Procurement released the China Purchasing Manager Index. In this regard, Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, gave an explanation.

In February, as enterprises resumed work and production and operation activities accelerated after the Spring Festival, the manufacturing purchasing managers index rebounded significantly, at 50.2%, up 1.1 percentage points from the previous month; the non-manufacturing business activity index was 50.4%, up 0.2 percentage points from the previous month; the comprehensive PMI output index was 51.1%, up 1.0 percentage points from the previous month. All three major indexes are in the expansion range, and my country's economic prosperity has generally rebounded.

1. The manufacturing purchasing managers index rebounded significantly

In February, the manufacturing PMI rose to 50.2%, returning to the expansion range.

(I) Both production and demand indexes have rebounded. The production index and the new order index were 52.5% and 51.1%, respectively, up 2.7 and 1.9 percentage points from the previous month, both rising to the expansion range, and manufacturing industry demand improved significantly. From an industry perspective, the two indexes of non-ferrous metal smelting and calendering processing, general equipment, electrical machinery and equipment, are both at 54.0% or above, and the production and demand in related industries are released faster; the two indexes of textile, clothing, petroleum, coal and other fuel processing are both below the critical point, and the supply and demand of the industry are relatively weak. Driven by the recovery of production and demand, enterprises' purchasing intentions have increased, with the procurement volume index of 52.1%, up 2.9 percentage points from the previous month.

(II) The price index continues to rise. The purchase price index of major raw materials was 50.8%, an increase of 1.3 percentage points from the previous month. The overall level of raw materials procurement prices in manufacturing has rebounded. Among them, the purchase price index of major raw materials in industries such as agricultural and sideline food processing, chemical fibers and rubber and plastic products, electrical machinery and equipment are all in a high economic range of more than 55.0%; the ex-factory price index was 48.5%, an increase of 1.1 percentage points from the previous month, and the sales price level of manufacturing products was marginally improved.

(III) Large enterprises' PMI returns to the expansion range. After the Spring Festival, large enterprises resumed work and production progress was rapid, and the prosperity level rebounded significantly. The PMI of large enterprises was 52.5%, an increase of 2.6 percentage points from the previous month. The recovery of production and operation activities of small and medium-sized enterprises after the holiday was relatively lagging, and the prosperity level declined. The PMIs of medium-sized and small-sized enterprises were 49.2% and 46.3%, respectively, down 0.3 and 0.2 percentage points from the previous month.

(IV) The PMI in key industries has increased to varying degrees. The PMIs of equipment manufacturing and high-tech manufacturing industries were 50.8% and 50.9%, respectively, up 0.6 and 1.6 percentage points from the previous month, both in the expansion range; the PMIs of high-energy-consuming industries and consumer goods industries were 49.8% and 49.9%, respectively, up 2.2 and 0.8 percentage points from the previous month, and the economic level has improved.

2. The non-manufacturing business activity index rebounded slightly

In February, the non-manufacturing business activity index was 50.4%, up 0.2 percentage points from the previous month, and the non-manufacturing industry continued to expand.

(I) The service industry business activity index is at the critical point. The service industry business activity index was 50.0%, down 0.3 percentage points from the previous month. From an industry perspective, the business activity indexes in industries such as air transportation, postal, telecommunications, radio and television, satellite transmission services, monetary and financial services, capital market services, etc. are all located in a relatively high prosperity range of more than 55.0%, and the total business volume is growing rapidly. Affected by factors such as centralized purchasing before the holiday and the decline of the holiday effect after the holiday, the business activity index of retail, accommodation, catering and other industries related to residents' consumption has declined significantly. Judging from market expectations, the business activity expectations index was 56.9%, up 0.1 percentage point from the previous month, and was in a high prosperity range for five consecutive months, indicating that most service industry companies are optimistic about the future development of the industry.

(II) The construction industry business activity index rebounded significantly. As the weather warms up in some areas after the Spring Festival, investment projects start one after another, and enterprises gradually resume production, the construction business activity index rose to the expansion range, at 52.7%, an increase of 3.4 percentage points from the previous month. Among them, the civil engineering construction business activity index was 65.1%, a large increase, indicating that the construction progress of infrastructure projects after the holiday was accelerated. Judging from market expectations, the business activity expectations index is 54.7%, and construction companies are more confident in the development of the industry.

3. The expansion of the comprehensive PMI output index accelerated

In February, the comprehensive PMI output index was 51.1%, an increase of 1.0 percentage points from the previous month, and continued to be in the expansion range, indicating that the recovery and development of my country's enterprise production and operation activities accelerated after the Spring Festival. The manufacturing production index and non-manufacturing business activity index that constitute the comprehensive PMI output index were 52.5% and 50.4% respectively.