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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 indicator 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 volatile than China's official PMI, which shows the manufacturing sector 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 contraction. 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, economist 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 input 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。”
