China's Caixin manufacturing PMI in February was 50.9, expected to be 51.3, and the previous value was 51.5. 

In February, the Caixin manufacturing PMI fell 0.6 percentage points from January, dropping for three consecutive months, the lowest since May 2020. According to Wang Zhe, senior economist at Caixin Think Tank, in February 2021, the recovery momentum of the manufacturing industry will further weaken, the growth rate of supply and demand will slow down, employment pressure will increase, and inflationary pressure will continue to increase. However, companies are more optimistic about the future and market confidence mainly comes from the accumulation of experience in epidemic prevention and control over the past year, especially the unfavorable autumn and winter season is coming to an end. 

At present, it seems that both the need to carefully care for the economic recovery in the post-epidemic era and the need to pay sufficient attention to inflation are the main challenges facing the policy.