China’s manufacturing sector showed signs of recovery in March, with the Purchasing Managers’ Index (PMI) returning to expansion territory at 50.8, up from 49.1 in February, according to data released by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing on Sunday.
The rebound above the critical 50-point mark, which separates expansion from contraction, suggests that the world’s second-largest economy is regaining momentum after the slowdown caused by the COVID-19 pandemic and the Chinese New Year holiday.
“As companies accelerated their resumption of work and production after the Chinese New Year holiday, market activity has increased significantly,” said Zhao Qinghe, a senior statistician at the NBS. “Meanwhile, efforts toward equipment renewal have injected vitality into the market, but policies and measures need to be further detailed.”
The improvement in the PMI is a positive signal for global investors and businesses, indicating a potential increase in demand for raw materials and components, as well as opportunities for trade and investment in China.
Economists and analysts are watching closely to see whether this upturn will be sustained in the coming months, as China continues to implement policies aimed at stabilizing growth and supporting key industries.
The latest PMI data provides a cautiously optimistic outlook for China’s economic recovery, offering hope for a rebound in industrial activity and a boost to the broader Asian and global economies.
Reference(s):
cgtn.com
