# economic activity

China’s February PMI Signals Holiday Lull and Uneven Recovery: Big Firms and High‑Tech Hold Up While SMEs Slip

February’s PMI data show a modest slowdown in China’s economic activity: manufacturing PMI slipped to 49.0% while non‑manufacturing activity edged up to 49.5%, leaving the composite index at 49.5%. Large and high‑tech firms are expanding, but small and medium enterprises and parts of the services sector remain weak, highlighting an uneven recovery amplified by the Lunar New Year holiday.