Official data: China’s manufacturing activities grew at a slower pace in March
On the other hand, non-manufacturing data, which measure the health of the service and construction sectors rose to the highest levels in twelve years at 58.2 points.
China’s manufacturing activities expanded at a slower pace in March, signalling that the jolt the industrial sector received from the lifting of COVID-19 restrictions is faltering. Weak external demand casts a shadow on the recovery progress, which industry experts expect to remain in place in the next couple of months.
The official purchasing managers’ index (PMI) fell to 51.9 points compared to 52.6 in February.
The new export order index plunged to 49.0 points – highlighting a contraction.
On the other hand, non-manufacturing data, which measure the health of the service and construction sectors rose to the highest levels in twelve years at 58.2 points. Industry sources said that while the manufacturing sector continues to recover unevenly, the resilient service and construction sectors raised hope of an ‘economic recovering led by local consumption’.