China's manufacturing activity expanded as the fastest pace in more than a decade in February, an official index showed on Wednesday, smashing expectations as production zoomed after the lifting of COVID-19 restrictions late last year.
"While we need to treat these numbers will caution as there might be significant seasonal and event factors, the overall trend still points to a solid recovery at the beginning of 2023," said Zhou Hao, economist at Guotai Junan International.
"The decent PMI readings provide a positive note for the upcoming National People's Congress. We expect the government to roll out further supportive policies to cement the economic recovery," said Zhou. Businesses accelerated their resumption of work and production, as the effect of economic stabilisation policies was felt by the sector while the impact of COVID-19 receded, the NBS said in a separate statement.
The official non-manufacturing purchasing managers' index rose to 56.3 from 54.4 in January, indicating the fastest pace of expansion since March 2021.
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