Manufacturing in China expanded by more than originally thought last month, according to a closely-watched index by HSBC and Markit.

根据汇丰银行(HSBC)和Markit共同编制的中国制造业采购经理人指数(PMI)，上个月中国制造业扩张的程度比最初估计的要高。

The reading for February was 50.7, ahead of a preliminary estimate of 50.1 and up from 49.7 in January. Any score above 50 indicates expansion.

2月份该指数为50.7，高于50.1的初步估算，也高于1月份的49.7。该指数高于50表示制造业处于扩张之中。

The reading signals a reversal of a two month decline, but taken as an indicator¹ about the Chinese economy should be treated with a degree of caution.

这一读数逆转了为期两个月的跌势。不过，要把该读数视为中国经济的风向标，必须格外小心。

The HSBC index is heavily skewed towards small, private companies and tends to be more volatile² than China's official PMI, which shows the manufacturing sector³ shrank for the second month in a row in February according to figures released over the weekend. The official PMI, which focuses more on state-backed companies, came in at 49.9 in February, up very slightly from January's 49.8 reading but still below the 50-point level that separates growth in the sector from contraction⁴. This points to a worsening economy.

汇丰银行的PMI指数调查对象严重偏向小型民营企业，这导致指数的波动性超过了更偏重国有企业的官方PMI指数。根据周末发布的数据，2月份中国官方PMI指数为49.9，显示制造业活动连续第二个月收缩。虽然这一读数略高于1月份的49.8，却仍低于50的荣枯线，显示中国经济仍在恶化。

Those involved in the survey also urged caution.

那些汇丰指数调查的参与者，也提醒人们要小心看待这一指数。

Annabel Fiddes, economist⁵ at Markit said:“China's manufacturing sector saw an improvement in overall operating conditions in February, with companies registering the strongest expansion of output since last summer while total new business also rose at a faster rate.

Markit经济学家安娜贝尔•菲德斯(Annabel Fiddes)表示：“2月份中国制造业部门的运营状况总体出现了改善，各企业产出录得自去年夏天以来的最强劲增长。同时，新增业务量的增幅也提高了。

“However, the renewed fall in new export orders suggests that foreign demand has weakened, while manufacturers continued to cut their staff numbers (albeit fractionally). Meanwhile, marked reductions in both input⁶ and output prices indicated that deflationary pressures persist.”

“不过，新的出口订单再次减少，表明国外需求已经减弱。而且，生产商仍在裁员，尽管裁员的人数很少。与此同时，进货价格和出厂价格双双出现明显下跌，说明通缩压力依然存在。”