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MNI BRIEF: China Mar Manufacturing PMI Contracts As Covid Hits

MNI (Singapore)
BEIJING (MNI)

The China Purchasing Managers' Index (PMI) fell to 49.5 in March from February's 50.2, sliding into contraction for the first time in five months, amid wider resurgences of local Covid-19 cases and increased geopolitical instability, data from the National Bureau of Statistics on Thursday showed.

Both the production and new order sub-indices fell below 50, the divide of contraction and expansion, as manufacturers in infected areas cut or suspended production. Some export orders were also reduced or canceled due to the escalating Russia-Ukraine conflict.

The non-manufacturing PMI dropped by 3.2 points to 48.4, as service activities weakened with businesses in railway, air transportation, accommodation, and catering sectors facing greater pressure.

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