The latest figures from China’s National Bureau of Statistics indicate that the country posted a Purchasing Managers’ Index reading of 51.5 for the month of March, for a rise of 1.2 points compared to February.
Zhang Liqun (张立群), researcher with the Development Research Center of the State Council, said that the most of the key PMI sub-indices showed a marked increase in March compared to February, as a result of the strong impact of the Chinese Lunar New Year.
Starting from December China’s PMI began to see modest reductions, before declining significantly in February, leading to augmenting concerns about easing economic growth.
According to Zhang the data for March indicates that these changes were mainly due to the impact of the Chinese Lunar New Year, and that there is no downward pressure on China’s economic growth.
Zhang said that China’s PMI received a boost in March from flourishing manufacturing activity, robust market expectations, as well as a balancing out of supply and demand since 2017, and that in his overall assessment the economy will continue to enjoy steady growth.
Five of the PMI sub-indices were above the 50-point threshold, including manufacturing, which rose 2.4 points on month to 53.1, and new order, which rose 2.3 points on month to 53.3.
Chen Zhongtao (陈中涛) from the China Logistics Information Center said in an essay that the main PMI sub-indices had all seen a marked rebound, compensating for the short-fall created by declines in February, and basically expunging the impact of the Lunar New year.
Market demand has rebound significantly, the revival in manufacturing activity is accelerating, and enterprise business conditions are improving.