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China’s manufacturing sector expanded more than expected in March, supported by Beijing’s aggressive stimulus efforts. The official Manufacturing Purchasing Managers Index (PMI) rose to 50.5, slightly above forecasts of 50.4 and up from 50.2 in February, indicating modest growth in factory activity.
The stronger PMI reading reflects the early impact of China’s recent economic stimulus measures, which aim to boost domestic demand and support private businesses. These include increased fiscal spending and initiatives to drive consumption, helping offset lingering economic pressures.
Non-manufacturing activity also improved, with the services PMI climbing to 50.8 in March from 50.4 a month earlier, beating expectations of 50.5. The uptick in both manufacturing and services pushed the Composite PMI to 51.4 from February’s 51.1, signaling broad-based growth across the economy.
The March data comes after Beijing unveiled its most ambitious stimulus package to date, set to roll out through late 2024. Key areas of focus include infrastructure investment, tech innovation—particularly in artificial intelligence—and measures to stabilize consumer confidence.
Rising business activity in sectors such as AI also contributed to the improved figures. However, China’s outlook remains cautious as tensions with the U.S. grow. Earlier this month, President Donald Trump imposed a 20% tariff on Chinese goods and suggested further trade restrictions could follow, raising concerns over a potential trade war.
Despite external challenges, the March PMI data suggests that China’s economic recovery is gaining traction, driven by policy support and a rebound in consumer and business sentiment. Analysts are watching closely to see if momentum can be sustained amid global uncertainties.
