China’s new factory data shows a bright start to the year
CNN
China’s manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, a private survey showed on Monday.
(Beijing) — China’s manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, a private survey showed on Monday. The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month, above analysts’ forecasts of 51.0 and marking an expansion for the fifth consecutive month. The 50-point mark separates growth from contraction. The upbeat results followed recent better-than-expected export and retail sales data, suggesting a bright start to the year for the world’s second-biggest economy. Official factory data published on Sunday also entered positive territory, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence. The official purchasing managers’ index (PMI) rose to 50.8 in March from 49.1 in February, expanding for the first time in six months. Citi last week raised its forecast for China’s 2024 growth to 5.0% from 4.6%, citing “recent positive data and policy delivery.” Premier Li Qiang announced an ambitious 2024 economic growth target of around 5% at the annual meeting of China’s parliament in March.
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