China's official manufacturing index rose smartly in February, gaining for the third month in a row and suggesting the country could be on the brink of a recovery despite a slump in global demand.The official purchasing managers' index (PMI), released on Wednesday, rose to 49.0 from 45.3 in January, the China Federation of Logistics and Purchasing (CFLP) said.
It was the fifth straight month that the index was below the no-change line of 50 that marks the difference between expansion and contraction. But the index is now well clear of a record low of 38.8 plumbed in November.
"China's economy is possibly on the road to a sustainable recovery," said Zhang Liqun, a government economist who comments on the survey for the logistics federation. "Policies are beginning to show their effectiveness, supporting quite fast economic growth," he said. more...
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