China's manufacturing purchasing managers' index (PMI) bounced back into the expansion zone in March, indicating a strengthened momentum of economic recovery.
The index came in at 50.8, up from the previous month's 49.1, data from the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing showed on Sunday.
As companies accelerated their resumption of work and production after the Chinese New Year holiday, market activity has increased significantly. Meanwhile, the efforts for equipment renewal have injected vitality into the market, but the policies and measures need to be further detailed, said senior NBS statistician Zhao Qinghe.
Workers polishing a wind turbine tower in Liuzhou, south China's Guangxi Zhuang Autonomous Region, March 28, 2024. /CFP
In particular, PMI for the high-tech manufacturing and equipment manufacturing sectors came in at 53.9 and 51.6, respectively, higher than the 50-point mark, the line indicating expansion or contraction. The PMI of high-tech manufacturing was the highest since January 2022.
PMI for the non-manufacturing sector came in at 53.0 in March, showing an increasing expansion and contributing to a composite PMI of 52.7.
Both the services and construction sectors expanded alongside positive market expectations. Notably, postal service, telecommunications, monetary and financial services grew rapidly with the activity indexes averaging 60-points or above.
(Cover via CFP)