BEIJING, March 1 Reuters China39;s manufacturing activity in February shrank for a fifth straight month, an official survey showed on Friday, raising pressure on Beijing to roll out more stimulus measures as the parliament prepares for a key annual meeting next week.
The official manufacturing purchasing managers39; index PMI, compiled by the National Bureau of Statistics NBS, fell to 49.1 in February from 49.2 in January with a sizeable drop in the output component. It was below the 50mark separating growth from contraction and in line with a median forecast of 49.1 in a Reuters poll.
Seasonal factors contributed to some of the weakness as the Lunar New Year LNY fell on Feb. 10 this year and saw factories shut as workers returned home for the holiday.
However, a survey by the CaixinSP Global released just after the official PMI showed manufacturing activity expanded steadily as both production and new orders grew faster.
Taken together, the PMIs highlighted an uneven economic recovery, maintaining pressure on authorities as markets clamour for bolder stimulus measures and reforms to safeguard China39;s longterm growth potential.
With the exception of September last year, China39;s official manufacturing PMI has remained in contraction since March 2023.
We expect the weak growth momentum to extend into March, said Ting Lu, chief China economist at Nomura, forecasting China39;s first quarter GDP growth to be 4.0 yearonyear, much slower than the 5.2 pace clocked in…