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China non manufacturing PMI falls to 48 in Feb

According to figures released by the China Federation of Logistics and Purchasing, China non-manufacturing purchasing managers' index a major indicator of the strength of the non-manufacturing sector dropped to 48.4 in February this year down 4.5 points from January.

A reading on index above 50 indicates expansion, while the index below 50 indicates contraction. The new order index decreased 2.4 points from January to 46.1 last month. The new order index in real estate sector was 40.5 while in construction sector increased 17.4 points to 49.5.

The new export order index went down 0.1 point from January to 45.7 in February. The new export order index was 48.8 in construction sector, 45.3 in production service sector and 45.2 in consuming service sector. Three sectors, consisting of quarter, posting and property industries, saw the new export order index all exceed 50 last month.

The non-manufacturing PMI is based on a survey of about 1,200 firms in 20 industries, including transport, real estate, retailing, catering and software.

In addition Premier Mr Wen Jiabao saying that China gross domestic product growth is expected to reach 7.5% this year after eight straight years of keeping the GDP growth target at 8%.

Last year, the country GDP grew by 9.2%.

Mr Wen noted the Chinese government aims to contain consumer price inflation around 4% in 2012. In 2011, the country consumer price index rose 5.4% more than the official target of 4%.

Mr Wen added China will strengthen supervision of local government debt and further investigate and regulate financing companies run by local governments.

The most populous nation expects to have a fiscal deficit of CNY 800 billion or about 1.5% of its GDP this year up from 1.1% of GDP that was delivered last year.

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