China's Manufacturing 'Shaken' by COVID-19 Spread... Private Data Also Shows 'Lowest' (Update)

[Asia Economy Beijing=Special Correspondent Park Sun-mi] It was confirmed in the February manufacturing PMI (Purchasing Managers' Index) announcement that China's manufacturing sector has been significantly contracted due to the spread of COVID-19.

On the 2nd, Chinese economic media Caixin announced that China's manufacturing PMI for February recorded 40.3. This figure not only fell far short of experts' expected 46.0 but also marked an all-time low. Caixin's announced manufacturing PMI had recorded 51.1 in January.

The Caixin PMI is calculated by the Chinese economic media Caixin, mainly targeting small and medium-sized enterprises and private companies. The benchmark is 50, and an index below 50 indicates economic contraction.

Earlier, China's National Bureau of Statistics announced that the official manufacturing PMI for February was 35.7, significantly lower than January's 50, marking an all-time low. This is even lower than the lowest record of 38.8 during the global financial crisis (November 2008).

The official manufacturing PMI mainly calculates the index based on large enterprises and state-owned enterprises. The non-manufacturing PMI, which reflects the service and construction sector trends, also dropped to an all-time low of 29.6 in February.

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