China's factory activity contracted for a third straight month in February ...
BEIJING - China’s factory activity contracted for a third straight month in February but at a slower pace, helped by improvements in domestic manufacturing, a private survey showed on Friday.
The Caixin/Markit Manufacturing Purchasing Managers’ Index for February rose to 49.9 from 48.3 in January - staying below the neutral 50-mark dividing expansion from contraction on a monthly basis for a third month.
Zhong said the recovery was due to more robust domestic demand, thanks to the early issuance of local governments’ special-purpose bonds, which were fast-tracked by Chinese authorities to spur infrastructure investment, more supportive monetary policy, and a price recovery for industrial goods. “The pressure on manufacturers’ capital turnover became obvious again, which may reflect that the financing environment was not easing as expected, and the effect of credit expansion is not yet significant,” Zhong added.
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