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China manufacturing activity at 11-month high in March China manufacturing activity at 11-month high in March
(35 minutes later)
Chinese manufacturing has increased at its fastest pace in 11 months during March, indicating that an economic recovery was continuing.Chinese manufacturing has increased at its fastest pace in 11 months during March, indicating that an economic recovery was continuing.
The Purchasing Manager's Index (PMI) was at 50.9 in March, up from 50.1 in February, official data showed. A reading above 50 indicates expansion.The Purchasing Manager's Index (PMI) was at 50.9 in March, up from 50.1 in February, official data showed. A reading above 50 indicates expansion.
China's economy is coming out of its worst downturn in 13 years.China's economy is coming out of its worst downturn in 13 years.
Analysts said that demand and output was being helped by a pick up in domestic sales and foreign exports.Analysts said that demand and output was being helped by a pick up in domestic sales and foreign exports.
March is considered a key month to assess manufacturing activity as data in January and February is skewed by the Lunar New Year Holiday when many factories are shut.March is considered a key month to assess manufacturing activity as data in January and February is skewed by the Lunar New Year Holiday when many factories are shut.
There is usually an increase in activity after the holidays as factories try to catch up after being closed. Analysts said improving global economic conditions also contributed to the increase.There is usually an increase in activity after the holidays as factories try to catch up after being closed. Analysts said improving global economic conditions also contributed to the increase.
"The improvement in the index, which changes the downward trend of the first two months of the year, indicates that the economic outlook in general is stabilising," said Zhang Liqun, from the Development Research Center, a state think-tank."The improvement in the index, which changes the downward trend of the first two months of the year, indicates that the economic outlook in general is stabilising," said Zhang Liqun, from the Development Research Center, a state think-tank.
But even as conditions improve, the recovery has been uneven, as demand from key markets such as Europe and the US has faltered in recent months.But even as conditions improve, the recovery has been uneven, as demand from key markets such as Europe and the US has faltered in recent months.
Analysts said they were expecting a slightly bigger jump in activity and a PMI reading of 51.Analysts said they were expecting a slightly bigger jump in activity and a PMI reading of 51.
Manufacturing activity in China picked up speed in March, an initial HSBC survey has indicated, adding to hopes of a sustained recovery in its economy.
The preliminary reading of HSBC's Purchasing Managers Index (PMI) rose to 51.7, from 50.4 in February.
Numbers for March are seen as a true indicator for the sector, as the Chinese New Year holidays skew the data in January and February.
China has been taking measures to boost manufacturing, a big driver of growth.
The PMI is a key indicator of the activity in the sector and a reading above 50 shows expansion.
Qu Hongbin, chief economist for China at HSBC said the rebound in the sector was fuelled by "stronger new orders and production growth".
"This implies that the Chinese economy is still on track for gradual growth recovery," he added.
Rebound
China pace of growth has slowed in recent times, not least due to a decline in demand for its exports from key markets.
China's economy grew at a pace of 7.8% last year, its weakest performance in 13 years.
However, there have been indications that the world's second-largest economy may be rebounding from the recent slump.
Data released earlier this month, showed that China's exports jumped 21.8% from a year earlier, boosted by strong demand from the US and South East Asia.
In the HSBC's latest data, sub-indexes tracking new orders and new export orders both showed the pace of growth accelerating in March, indicating a sustained recovery in the sector.
Meanwhile, industrial output and retail sales also rose in January and February, from, a year earlier, though the pace of growth in those sectors was slower than what many analysts had forecast.