The purchasing managers' index (PMI) for China's manufacturing sector came in at 50.5 in March, up 0.3 percentage points from February, data released by the China Federation of Logistics and Purchasing and the National Bureau of Statistics' Service Survey Center showed Monday.
PMI, a measure of economic activity based on survey data from firms regarding factors like production, new orders and inventories, is commonly viewed as a benchmark for the health of the manufacturing sector
The recent data marked the second consecutive month China's PMI remaining above the 50-percent threshold, indicating expansion.
Both production and market demand showed signs of stronger growth. The sub-indices of production and new orders came in at 52.6 and 51.8, up 0.1 percentage points and 0.7 percentage points, respectively.
Fueled by the rebound in the manufacturing sector, surveyed businesses indicated stronger willingness to make purchases. The purchasing volume index registered at 51.8 percent in March, maintaining the expansion for the second consecutive month.
The March PMI for the equipment manufacturing sector stood at 52, up 1.2 percentage points from February and reaching its highest level since April 2023, while the PMI for the high-tech manufacturing sector reached 52.3 percent, rising 1.4 percentage points month on month.
"In terms of industries, equipment for the railway, shipbuilding, aerospace equipment, and computer, telecommunication, and electronic sectors have seen robust growth with their products and new orders indices rising above 55 percent, putting them in the range of relatively high expansion, while production and demand in related industries accelerated release," said Huo Lihui, director of the business climate department at the Service Survey Center.
According to Cai Jin, chairman of the China Federation of Logistics and Purchasing, the data reflects a steady pace in the country's economic rebound. "Looking at PMI performance since the beginning of the year, we can see a clear monthly upward trend, especially as February and March saw a return to the expansion range with indices above 50 percent. This reflects China's economic recovery and growth has returned to the good development trend. And it could be said that the economy's recovery is further accelerating," he said.
China's manufacturing sees continued expansion for second month in March
China's manufacturing sees continued expansion for second month in March
China's manufacturing sees continued expansion for second month in March
