本报讯（记者马文婷）汇丰（HSBC）昨天公布的2月汇丰中国制造业采购经理人指数（PMI）初值录得50.4，较1月回落1.9个百分点，创4个月以来最低。同时，中国制造业产出指数初值录得50.9(1月为53.1)，也创下4个月以来最低。

Report from our correspondent(The reporter Ma Wenting)HSBC(HSBC)Yesterday's HSBC China manufacturing purchasing managers' index for February(The PMI)50.4 initial value,From January, fell 1.9%,At the lowest since 4 months.At the same time,China's manufacturing output index recorded a 50.9(In January of 53.1),Also its lowest since 4 months.

　　分项来看，2月中国制造业新订单扩张减速，新出口订单转向萎缩；就业扩张减速；积压工作转向萎缩；出厂价格和投入价格上涨减速；采购库存转向萎缩，成品库存萎缩减速；采购数量扩张减速；供应商供货时间转向缩短。

Component to see,In February China's manufacturing expansion to slow down the new order,New export orders to atrophy;Employment expansion to slow down;Backlog to atrophy;The factory prices and rising input prices;Procurement inventories to shrink,Finished goods inventory shrinkage deceleration;Purchasing quantity expansion to slow down;Supplier to shorten the delivery time.

解读短暂回落不改经济复苏活力 Read brief fall do not change the recovery dynamic

　　尽管PMI低于预期，大幅滑落，汇丰中国首席经济学家兼经济研究亚太区联席主管屈宏斌解读认为，2月汇丰制造业PMI初值录得四个月来低点50.4是受春节因素以及外需持续疲弱影响而有所放缓。

Although the The PMI fell short of expectations,plunging,HSBC's China chief economist and economic research, Asia Pacific, co-head of interpretation qu hongbin said,February HSBC manufacturing The PMI initial value recorded four months to low of 50.4 is affected by the Spring Festival factor and weak external demand and slow.

　　屈宏斌表示，就业指数已连续三个月保持在50以上，加之投资需求仍然旺盛，近期信贷扩张加快亦有助于支持投资增速保持强劲，内需拉动的经济回暖仍将在未来持续。之前央行回收流动性创纪录为常规性对冲，不改政策面整体宽松格局。

Mr Qu said,Employment index has for three consecutive months above 50,Combined with the investment demand is still strong,The recent credit expansion speed also helps to support investment growth remained strong,Domestic demand in the economic recovery will continue in the future.Before the central bank record for regular recycling liquidity hedge,Do not change policy surface integral loose structure.

　　屈宏斌对未来中国经济依然保持乐观，他认为，尽管2月汇丰中国采购经理人指数的预览值有所回落，但是连续四个月保持在50荣枯分水岭以上，中国经济持续温和复苏的趋势未变。鉴于就业的持续扩张与最近信贷增长有所加速，中国经济复苏仍具活力。

Qu hongbin, China's economy is still optimistic about the future,He thinks that,Although February HSBC's China purchasing managers' index fall preview,But stay for four months in more than 50 from contraction,The trend of China's economy continued to moderate recovery.In view of employment continued to expand and recent credit growth accelerated,China's economic recovery is still vibrant.