Zhao Qinghe, senior statistician of the Service Industry Research Center of the National Bureau of Statistics, said that the manufacturing purchasing managers' index rebounded slightly and the manufacturing expansion was slightly accelerated. The new export order index, which reflects external demand, was 46.9%, up 0.3 percentage points from the previous month. After the main raw material purchase price index and ex-factory price index fell for three consecutive months, the month-on-month increase was 1.5 and 1.2 percentage points, respectively, at 46.3% and 44.5%. Among them, the ex-factory price index of the manufacturing industry, such as refined tea, tobacco products, textile and apparel, wood processing and furniture, which are closely related to consumption, is located in the expansion range. The new kinetic energy continues to accumulate, and the holiday consumption effect appears. The production index of high-tech manufacturing and consumer goods manufacturing was 51.6% and 51.5%, up 3.2 and 1.3 percentage points respectively from the previous month, both of which were significantly higher than the overall level of manufacturing, and the production activities of enterprises accelerated.
(2) The financial data released on February 15th made the market unexpected. The financial data that was waning for more than a year suddenly increased in volume. The increase in new RMB loans and social financing in January exceeded expectations. This is due to the release of liquidity policies such as a series of RRR cuts in recent times, and the constant rumors of the regulatory authorities to promote funds to support the real economy. Many people in the industry believe that in the process of economic downturn, liquidity is inevitable. Although the industry expects to continue to lower the RRR in the future, there are still differences in the possibility of interest rate cuts. With a series of support for the implementation of real economic policies, market confidence will gradually recover, and the Chinese economy is expected to stabilize in the second quarter of this year.