In March, China's Manufacturing Purchasing Managers Index (PMI) was 50.1%, a slight increase of 0.2 percentage points from the previous month and returning above the critical point. This data was released on the 1st by the National Bureau of Statistics Service Survey Center and the China Federation of Logistics and Purchasing.
According to the scale of the company, the monthly PMI of large-sized companies was 51.5%, up 1.1 percentage points from the previous month, and it remained within the expansion range. The overall stability was moderated; the PMIs of small and medium-sized enterprises were 48.3% and 46.9%, respectively, down 1.1 and 1.2 respectively. The percentage point is still below the critical point.
In the five sub-indexes that constitute the manufacturing PMI in March, the production index, new order index, and supplier delivery time index were above the critical point. The employee index and raw material inventory index were below the critical point.
Zhao Qinghe, senior statistician of the Service Survey Center of the National Bureau of Statistics, read the data and said that after the Spring Festival, the concentration of enterprises started and production activities have accelerated, which is an important factor driving the rebound of PMI this month. At the same time, the national steady growth policy has prompted companies to improve market expectations, and market-friendly factors such as the narrowing down of commodity prices have had a positive impact on corporate production.
The non-manufacturing business activity index announced in March continued to remain in the expansion range, which was 53.7%. Although it fell by 0.2 percentage points from the previous month, the recent trend was generally stable, indicating that non-manufacturing industries in China continued to maintain steady growth.
In terms of sub-sectors, the business activity index of service industry in March was 52.3%, which was a decrease of 0.9 percentage points from the previous month, indicating that the total business volume of the service industry continued to grow, but the growth rate slowed down; the construction business activity index for the month was 58.9%. The increase of 2.4 percentage points from the previous month indicates that with the acceleration of key infrastructure construction projects and the warming of the weather, the total business volume of construction companies has continued to grow.
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