China's manufacturing PMI drops in Feb
BEIJING -- China's Purchasing Managers' Index (PMI) for the manufacturing sector fell for a second month to 50.1 percent in February from 50.4 percent in January, according to data released Friday.
The China Federation of Logistics and Purchasing (CFLP) said in a statement on its website that the drop is mainly due to the weeklong Spring Festival holiday that fell in last month.
The Spring Festival, or China's lunar new year, is the country's most important traditional holiday for family reunions. This year, Chinese people enjoyed a holiday from Feb 9 to 15.
At present, China's industrial production is generally steady at present and companies are relatively optimistic about future economic prospects, the statement said.
"In general, the country's economy is still on the course of stabilization," according to the CFLP.
The February figure marked the fifth consecutive month that the PMI stayed above 50 percent, which demarcates expansion from contraction, CFLP data showed.