Economy

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Official data from China’s National Bureau of Statistics showed, on Sunday, that the official purchasing managers’ index in the manufacturing sector recorded 49.2, down from 51.9 in March, to be below the 50-point level that separates expansion and contraction in activity on a monthly basis.

The reading came in below expectations of 51.4.

The world’s second-largest economy grew faster than expected in the first quarter of the year, driven by a liberalization in consumer demand following the easing of COVID-19-related restrictions, but factory production slowed amid weak global growth.

And at the end of last March, official data showed a slowdown in the growth of manufacturing activity in China, which cast doubt on the strength of the recovery of the industrial sector in the world’s second largest economy.

As for the service sector, it was stronger and its activity grew at the fastest pace in nearly 12 years following the announced cancellation in December of China’s zero Covid policy boosted transportation, housing and construction activities.

According to China’s National Bureau of Statistics, the official Purchasing Managers’ Index (PMI) for China’s manufacturing sector for March came in at 51.9, compared to 52.6 in February.

BEIJING, April 30 (Xinhua) — Official data released by the National Bureau of Statistics on Sunday showed that the purchasing managers’ index for China’s manufacturing sector registered 49.2 in April, down from 51.9 in March.

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

Zhao Qinghe, chief statistician of the authority, said the index reading for April was affected by insufficient market demand and the high basis in the first quarter of this year.

Breaking down the headline number, the production index and the new orders index were 50.2 and 48.8, respectively.

The PMIs for equipment manufacturing, consumer products industry, and high-tech industry were 50.1, 49.8, and 49.3, respectively.

Market sentiment remained stable, with a sub-reading of business expectations coming in at 54.7, Zhao added.

Data released today also showed that China’s non-manufacturing purchasing managers’ index came in at 56.4 in April, down from 58.2 in March.