中国经济：透过春节期间波动的 PMI 数据，聚焦全国两会-China Economics Look Past Noisy CNY-Month PMIs to the NPC

While February's mfg and non-mfg PMIs came in slightly weaker than expected, their sequential changes were more resilient than in comparable mid-February CNY periods. Our high-frequency trackers also suggest a stable start to the year. We believe markets will look through this noisy data to focus on the upcoming NPC and geopolitical developments. We anticipate the NPC will set a realistic "4.5-5%" growth target backed by measured stimulus (see our Preview). Notably, the domestic policy agenda is not conting ...