Manufacturing PMI Rises to 50.8% in China, Returning to Expansion Range
In a recent report released by the China Federation of Logistics and Purchasing and the Service Industry Survey Center of the National Bureau of Statistics, it has been revealed that China’s manufacturing purchasing managers index (PMI) has increased to 50.8% in March. This marks a significant improvement over the previous month, where the index had been below 50% for five consecutive months.
Among the 21 industries surveyed, 15 are now in the expansion zone, showing a notable increase from the previous month. This growth in the manufacturing sector can be attributed to the accelerated resumption of work and production by companies, leading to increased market activity and growth in the new kinetic energy sector of the manufacturing industry.
The high-tech manufacturing and equipment manufacturing sectors have also shown growth, with their PMIs reaching 53.9% and 51.6% respectively in March. This indicates a positive trend towards expansion and prosperity in these industries.
Furthermore, the report highlights improvements in the production and operation conditions of enterprises of different sizes. The PMIs for large, medium, and small enterprises are all in the expansion range, with small enterprises reaching this range for the first time in the past 12 months.
With the implementation of policies aimed at stabilizing the economy, expanding domestic demand, and stabilizing foreign trade, both indices reflecting market demand have rebounded significantly. The new export orders index, in particular, has returned to expansion after running below 50% for 11 consecutive months.
On the non-manufacturing front, the non-manufacturing business activity index was 53% in March, showing continued growth in this sector. Service industries such as wholesale, railway transportation, and monetary and financial services have shown particularly active operating activities, with a rapid growth in their total business volume.
Overall, the report indicates positive growth and expansion in both the manufacturing and non-manufacturing sectors in China. This upward trend reflects a strengthening economy and bodes well for future economic prospects in the country.
[Editor: Nisna]