Chinese manufacturing grows at fastest pace since February 2023
Kyiv • UNN
China's manufacturing activity grew at the fastest pace in 13 months, driven by an increase in new orders from domestic and foreign customers, which helped boost business confidence to an 11-month high.
China's manufacturing activity grew at the fastest pace in 13 months. According to a private survey, business confidence has reached an 11-month high due to the growth of new orders from customers, both domestically and abroad. This was reported by Reuters and Finanz Markt Welt, UNN reported.
Details
According to Caixin and the PMI, manufacturing in China has been growing at its fastest pace in more than a year.
The official Purchasing Managers' Index (PMI) published by the National Statistical Bureau (NSB) shows the following data:
Manufacturing activity in China increased in March for the first time since September last year. The official PMI rose from 49.1 in February to 50.8 in March. This exceeded the median forecast of 50.1 in a Bloomberg and Reuters poll.
The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 in the previous month. This exceeded analysts' forecast of 51.0 and marked the fifth consecutive month of growth.
The five sub-indices that make up the PMI in manufacturing, production, and new orders returned to growth.
Both reports emphasize that orders received from both foreign and domestic sources were higher.
Last week, the National Bureau of Statistics (NSB) reported that industrial profits rose again at the start of the year. They grew by 10.2% in the first two months of 2024, compared to a 2.3% decline for the entirety of 2023.
Foreign companies' profits grew by 31.2%, and private companies' by 12.7%.
Companies' confidence in the coming year rose to the highest level since April 2023. At the same time, companies were cautious about increasing the number of employees, and the corresponding sub-index has remained negative since August last year.
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