Chine Confiance Des Entreprises

China's official NBS Manufacturing PMI rose to 50.2 in February 2025 from 49.1 in the prior month, pointing to the highest reading since last November and beating market consensus of 49.9. The latest result came as companies resumed activities after the Lunar New Year break. Meanwhile, various stimulus measures from Beijing bolstered recovery of the economy, which has been impacted by higher US tariffs, weak domestic demand, and lingering deflation risks. Output (52.5 vs 49.8 in January), new orders (51.1 vs 49.2), and buying levels (52.1 vs 49.2) all grew following contractions at the start of the year. At the same time, declines in both foreign orders (48.6 vs 46.4) and employment (48.6 vs 48.1) eased. Meanwhile, delivery times lengthened (51.0 vs 50.3). On prices, input cost increased for the first time in four months (50.8 vs 49.5) while a drop in selling prices slowed (48.5 vs 47.4). Finally, confidence weakened from January's ten-month high but remained upbeat (54.5 vs 55.3).