Robots weld bodyshells of cars at a workshop of Chinese electric vehicle maker Li Auto Inc. in Changzhou, east China's Jiangsu province, Jan 10, 2024. (PHOTO / XINHUA)
BEIJING - The purchasing managers' index for China's manufacturing sector came in at 50.8 in March, bouncing back to the expansion zone, data from the National Bureau of Statistics showed on Sunday.
NBS senior statistician Zhao Qinghe said that 15 out of the 21 surveyed sectors were in the expansion zone in March
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
The positive rebound followed five consecutive months of contraction that started in October 2023, indicating recovery in China's manufacturing activity.
NBS senior statistician Zhao Qinghe said that 15 out of the 21 surveyed sectors were in the expansion zone in March, up by 10 from the previous month, as enterprises accelerated production after the Spring Festival holiday.
Non-manufacturing PMI at 53
The purchasing managers' index for China's non-manufacturing sector came in at 53 in March 2024, up from 51.4 in February, the NBS said.
This latest growth extended the rising trend shown by the non-manufacturing PMI in previous months, adding to the evidence confirming that business activities in China's non-manufacturing sectors continued to gain steam.
The sub-index for the service sector was 52.4 in March, up from 51 in February and increasing for three consecutive months, the data showed.
Services related to enterprise production, such as mail, satellite transmission, and finance, saw rapid growth in March, while the wholesale sector, railway transport, and rental services all logged improvements to varying degrees.
Activity levels in the construction sector also picked up, as relevant projects across the country accelerated building activities after the Spring Festival holiday, according to Zhao.
The sub-index for the construction sector reached 56.2 in March, up from 53.5 a month earlier. The reading for the sector's business expectations rose to 59.2 in March, indicating the growing confidence of construction companies in recent developments in the industry.