Activity rebound lifts official PMI in March
Print Edition
CHINA’S manufacturing activity rebounded in March as production resumed and easing efforts strengthened, a survey showed yesterday, but the service sector weakened unexpectedly.
The official Purchasing Managers’ Index, a comprehensive gauge of operating conditions in large industrial companies, rose to 50.1 in March, from 49.9 in February, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
A reading above 50 means expansion. The March figure turned out to be the highest since December.
However, the non-manufacturing PMI, a counterpart for the service sector, shed 0.2 points from a month earlier to 53.7 in March, indicating expanding but slowing activity due to a drop in travel and service consumption after the Spring Festival.
Zhao Qinghe, an analyst at the bureau, said industrial production has returned to normal after the Chinese New Year holiday in February, and the government has enhanced its easing policies since the start of this year.
The component production index added 0.7 points to 52.1, employment rose 0.6 points to 48.4, but new orders fell 0.2 points to 50.2, suggesting continued uncertainty in demand.
Zhou Hao, an economist at Australia & New Zealand Banking Group Co, said the recent easing efforts should have helped stabilize the growth pace.
“In addition to monetary and fiscal policies, Chinese authorities also relaxed property restrictions this week, meaning there is potential of rolling out more supportive policies to prevent growth from dropping below the target,” Zhou said.
In contrast, the manufacturing activity in China’s private and export-oriented companies remained sluggish.
The HSBC PMI, a gauge of vitality weighing toward private and export-oriented industrial firms, edged up to 49.6 in March, from the flash reading of 49.2, but was still below the 50.7 in February, HSBC and researcher Markit said.
Qu Hongbin, chief economist for China at HSBC, said companies shed jobs at the fastest pace since last summer.
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