MNI BRIEF: China's PMI Shows Expansion For Third Month
China's Purchasing Managers' Index (PMI) registered 51.9 in March, recording expansion for the third consecutive month despite falling from February's 52.6 level, data from the National Bureau of Statistics (NBS) showed Friday.
The production sub-index marked 54.6 in March, slower than February's 56.7 reading. The new orders sub-index – a gauge of demand – stood at 53.6, sliding from last month's 54.1. The indies have hovered at relatively high levels in recent months, reflecting a stable increase in manufacturing production and demand, and it suggests the economy continues to recover, the NBS said.
The non-manufacturing PMI registered a reading of 58.2, another peak in the past year following last month's 56.3. Effective policies and measures to promote consumption have strengthened the recovery's momentum and development of the service industry, the NBS added.
However, the bureau noted insufficient market demand, tight funds and high operating costs were problematic for enterprise development. The economy's recovery and development needs further consolidation, the NBS cautioned.