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China's manufacturing activities rebound in March
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China's manufacturing activities unexpectedly expanded in March for first time in eight months, adding hopes that the economy was stabilizing under accommodative policies.
The official Purchasing Managers’ Index, a comprehensive gauge reflecting operational conditions in largely state-owned manufacturing companies, rose 1.2 points from February to reach 50.2 last month, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
The reading rebounded above the 50 mark that separates contraction from expansion for the first time since August last year.
Bureau analyst Zhao Qinghe said that positive changes were taking place and the factors included restart of factory production after the Spring Festival holidays, increasing demands from a warming trade market, rebounding of commodity prices, an upgrade of manufacturing capacity, and stimulus from investment.
The manufacturing PMI’s component indexes showed production rose to 52.3 last month, up from February’s 50.2. New orders gained 2.8 points to 51.4, above the 50 mark for the first time in three months.However, employment retreated 0.7 points to 48.2, the lowest since May 2015.
“Today’s data signals a stabilisation of manufacturing demand,” an ANZ report said. “ The upside surprise was possibly driven by an acceleration of infrastructure spending and recent pickup in electronic supply chains.”
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