China’s PMI March 2024

According to the latest data from the National Bureau of Statistics, China's official manufacturing Purchasing Managers' Index (PMI) expanded in March for the first time in six months, reaching 50.8 from February’s 49.1.

A reading above 50 indicates expansion, while a reading below reflects contraction.

The country’s composite PMI, which includes both manufacturing and non-manufacturing activities, increased to 52.7 in March 2024 from 50.9 in the prior month. As for the non-manufacturing sector, which has been supporting the economic recovery so far, it came in at 53, up from 51.4 in February.

Several key indicators of the Chinese economy, particularly consumer spending and the real estate sector, are still in a phase of recovery, and the Chinese government has implemented a series of policies and financial measures whose effects will be seen in the coming months.