The index exceeded most analysts’ expectations and climbed to its highest level in more than a decade. A separate purchasing manager index by Chinese business magazine Caixin rose by a similar amount. It rose to 51.6 points from 49.2 in February.
Values above 50 indicate expansion in economic activity, while values below indicate deterioration in sentiment. The Chinese economy took a hard hit last year due to the government’s strict corona rules. In an abrupt turn, the leadership abandoned its zero Covid policy in early December. As a result, the purchasing managers index rose sharply in January. Economists expect a significant recovery this year. The International Monetary Fund (IMF) forecasts China’s economic growth this year at 5.2 percent.
According to official figures, the growth was 3 percent last year. At the start of the People’s Congress in Beijing, the Chinese government plans to announce its growth target for this year over the weekend.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
