China News Service, Beijing, March 1 (Reporter Ruan Yulin) Data released by the China Federation of Logistics and Purchasing on the 1st showed that China's non-manufacturing business activity index was 51.4% in February, an increase of 0.7 percentage points from the previous month, and has increased for three consecutive months. The increase has expanded compared with the previous month, indicating that non-manufacturing economic activities continue to gain momentum, the economy continues to rise steadily, and the momentum is further consolidated.

  Consumer demand will be fully released during the Spring Festival in 2024, laying the foundation for steady consumption growth in the first quarter.

Judging from changes in industry data, Spring Festival consumption is reflected in physical consumption, scenic spot tourism, transportation, culture, sports and entertainment.

The business activity index of the retail industry, accommodation industry, catering industry, scenic spot service industry, air transportation industry, telecommunications service industry, Internet and software technology service industry, and cultural, sports and entertainment-related industries all increased to varying degrees compared with the previous month.

  Among the individual indices, the new orders index was 46.8%, down 0.8 percentage points month-on-month. However, the full resumption of work and production in March will drive the concentrated release of demand in the construction industry and production-related service industries, laying the foundation for a rebound in non-manufacturing demand.

In the same month, the employment index was 47%, the same as the previous month.

The input price index was 50.6%, an increase of 1 percentage point from the previous month.

Among the 21 industries, the input price index of 13 industries, including the catering industry, railway transportation industry, leasing and business services industry, and postal industry, is higher than 50%.

  In February, the business activity expectation index was 57.7%, down 2 percentage points from the previous month.

In terms of industries, the construction industry business activity expectation index was 55.7%; the service industry business activity expectation index was 58.1%.

Among the 21 industries, 4 industries including the financial industry and air transportation industry have a ratio higher than 60%.

  Analysts believe that, overall, in the first two months of this year, the non-manufacturing industry maintained a steady upward trend, investment and consumption-related industries both performed positively, financial support for the real economy also maintained a positive trend, and the economy stabilized and improved. Momentum continues to build.