China’s economic recovery continued in March, powered by a better-than-expected surge in the service sector, data released on Wednesday showed, reported the South China Morning Post.
China’s non-manufacturing purchasing managers’ index (PMI) – a gauge of sentiment in the service and construction sectors – rose to a four-month high of 56.3 in March from 51.4 in February, according to data released by the National Bureau of Statistics (NBS). The result was above expectations, with analysts predicting a rise to 52.
The official manufacturing PMI – a survey of sentiment among factory owners in the world’s second-largest economy – rose to a three-month high of 51.9 in March from 50.6 in February. March’s reading was above the median prediction of 51.2 in a Bloomberg poll of analysts.
“After the Lunar New Year, the recovery of production accelerated, and the manufacturing industry rebounded significantly in March,” said Zhao Qinghe, a senior statistician at the NBS.