BEIJING: The purchasing managers’ index (PMI) for China’s non-manufacturing sector came in at 53 in March, up from 51.4 in February, the National Bureau of Statistics said Sunday.
As reported by China Central Television, a measure above 50 signifies growth, whereas a value below 50 denotes a decline. Presently, the business activity index, which assesses the general state of the non-manufacturing sector, has witnessed a consistent rise over the past four months.
The sustained reinforcement of macroeconomic policies and the accelerated initiation of economic activities have positively influenced business confidence, leading to an increase in enterprises’ expectations for future market conditions, according to an industry insider.
In March, the sub-index for business activity expectation stood at 58.4 percent, marking a 0.7 percentage point increase from the previous month and halting a two-month downward trend, data showed.
“The upward trend in the non-manufacturing sector continues to strengthen, particul
arly in such sectors as wholesale, postal services and storage, all of which are operating at an expansion range of over 50. Therefore, from this perspective, the interplay between manufacturing and non-manufacturing sectors will further drive China’s economic recovery,” said Cai Jin, Vice President of the China Federation of Logistics and Purchasing.
Source: Emirates News Agency