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The purchasing managers’ index (PMI) rose 1.9 points in March to 58.2 in February, government figures showed on Friday. It is the highest level since May 2011. Economists had expected a decline.
For industrial companies, on the other hand, the indicator set by the government fell from 52.6 points to 51.9 points. However, experts had expected an even sharper decline. The value was also well above the so-called expansion threshold.
Values above 50 points indicate an expansion of economic activity, values below that point to contraction. The general index for service and industrial companies rose to 57.0 (February 56.4) points.
The Chinese economy was hit hard last year by the government’s strict corona rules. In an abrupt turnaround, the leadership abandoned its zero-Covid policy in early December. As a result, the purchasing managers’ index rose sharply in January.
Economists expect economic recovery this year. The International Monetary Fund (IMF) forecasts China’s economic growth of 5.2 percent this year.
(SDA)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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