China's manufacturing PMI rises to 50.5 in March

The purchasing managers' index (PMI) for China's manufacturing sector came in at 50.5 in March, up 0.3 percentage points from a month earlier, running in the expansion territory for the second consecutive month, data from the National Bureau of Statistics (NBS) showed on Monday. 

NBS statistician Zhao Qinghe said that both production and demand in the manufacturing sector expanded at a faster pace. In March, the production index and new orders index stood at 52.6 and 51.8, respectively, rising by 0.1 and 0.7 percentage points from the previous month. 

Sectors such as railway, ship-building, aerospace equipment, as well as computer, communication, and electronic equipment saw both production and new orders indices surpass 55.0, Zhao noted.

Driven by the recovery of manufacturing production and demand, enterprises' purchasing intentions have strengthened, with the purchase volume index reaching 51.8, remaining in expansion territory for two consecutive months. 

Regarding major industries, new quality productive forces are developing rapidly. The PMI for the equipment manufacturing industry in March rose to 52.0, an increase of 1.2 percentage points from a month earlier, with the new orders index climbing to above 55, reaching a new high since April 2023, according to China Media Group.

The PMI for the high-tech manufacturing industry stood at 52.3, up 1.4 percentage points month-on-month, displaying a steady growing momentum, Zhao said.

The business activity index, which reflects the overall operational status of the non-manufacturing sector, has risen for two consecutive months with an expanding growth margin, indicating sustained expansion in non-manufacturing activities.

In March, China's non-manufacturing business activity index stood at 50.8, up by 0.4 percentage points from February, according to the NBS.

Construction activities continued to gain pace, as it is boosted by the warmer weather and sustained investment-related demand. The construction sector’s business activity index rose to 53.4 in March, increasing by 0.7 percentage points over February and marking the highest level since June 2024, the NBS data showed.

Meanwhile, the service sector’s business activity index reached 50.3 in March, up 0.3 percentage points from a month earlier, indicating an overall increase in market vitality. 

Industries including water transport, air transport, postal services, telecommunications, radio, television, satellite transmission services, monetary and financial services remained above 55 in March -- indicating robust growth in their overall business volumes, according to the NBS.