China’s overall economic output continued to expand in January, reflecting a steady recovery momentum, according to official data.
In January, China’s composite purchasing managers’ index (PMI) stood at 50.1, according to data released Monday by the National Bureau of Statistics (NBS).
The PMI for China’s manufacturing sector came in at 49.1, down from 50.1 in December. NBS statistician Zhao Qinghe said that the manufacturing PMI data in January were influenced by factors such as the approaching Spring Festival holiday and enterprise employees’ returning home for festival reunions.
The Chinese New Year, or the Spring Festival, falls on Jan. 29 this year. It is the most important holiday on the Chinese calendar and an occasion for family reunions.
The NBS data showed that the sub-indices of production and new orders came in at 49.8 and 49.2, respectively.
The PMI for the equipment manufacturing sector remained above 50 for a sixth straight month, with its January reading at 50.2, according to the NBS.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
The PMI for China’s non-manufacturing sector came in at 50.2 in January, down from 52.2 in December, official data showed Monday.
The service sector continued to expand, with its sub-index standing at 50.3 in January, according to the NBS.
Driven by the effects of the Spring Festival, business activity indices in sectors related to residents’ travel and consumption, including road transportation, accommodation, catering, ecological protection, and public facility management, have risen into the expansion zone, showing strengthened market activities.
Meanwhile, business activity indices in sectors such as air transport, postal services, telecommunications, radio, television, satellite transmission services, and monetary and financial services remained above the 55-mark, indicating a robust growth in overall business volume.
The expectation index for manufacturing production and business activity reached 55.3, while that for non-manufacturing business activity stood at 56.7, both within a relatively high range of prosperity. This suggests that most enterprises remain confident in market development following the holiday, according to Zhao.
NBS data also showed that the combined profit of major industrial enterprises in China surpassed 7.43 trillion yuan (about 1.04 trillion U.S. dollars) in 2024, while large enterprises in the cultural industry generated a combined profit of about 1.29 trillion yuan last year.
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