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Financial News: China Manufacturing Activity Growth Improves

China Manufacturing Activity Growth Improves

04/01/2024 - 01:14:00 (RTTNews)

(RTTNews) - China's manufacturing sector expanded further in March driven by greater inflows of new work, survey results from S&P Global showed on Monday.

The manufacturing Purchasing Managers' Index rose to 51.1 in March from 50.9 in February. A score above 50.0 indicates expansion.

The reading suggested that the sector logged the most pronounced growth in 13 months. The survey showed that manufacturers raised their production and incoming new orders including exports increased at accelerated rates.

However, employment levels declined again in March. Average input costs fell for the first time since July 2023 and manufacturers lowered their selling prices at the fastest rate in eight months.

Optimism among Chinese manufacturers strengthened for a third straight month in March.

Nonetheless, Caixin Insight Group Senior Economist Wang Zhe said, "Downward economic pressures persist, employment remains subdued, prices remain low, and insufficient effective demand has not been fundamentally resolved, underscoring the need to further boost domestic and external demand."

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