China factory growth picks up

City A.M. Reporter
China's factories grew more than expected in February as new export orders for big firms bounced back, a government survey showed, while a private-sector report portrayed a different picture of smaller companies lagging behind the rebound.

China's official purchasing managers' index (PMI) rose to 51.0, above expectations of 50.7 and higher than 50.5 in January, while the final reading of the HSBC PMI stood at 49.6, a shade higher than January's reading of 48.8, but still under the 50-point threshold demarcating expansion from contraction.