In March, the National Bureau of Statistics Manufacturing PMI returned to expansion, with costs rising sharply.

WealthCoffee · 2026-04-07T04:23:45+00:00

In March, the Manufacturing PMI was 50.4, and the Non-Manufacturing Index was 50.1, both returning to the expansion zone. This reflects the resumption of work and production after the Spring Festival and the recovery of market demand. Production and new order indices increased, and although new export orders grew, they still remain in contraction territory.

WealthCoffee

2026-04-07 04:23:45

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【Caixin】 After the Spring Festival, companies resumed work and production, and with a recovery in market demand, the manufacturing business climate improved in March.

According to data released by the National Bureau of Statistics on March 31, the March manufacturing Purchasing Managers’ Index (PMI) and the non-manufacturing Business Activity Index were 50.4 and 50.1 respectively, both higher than February by 1.4 and 0.6 percentage points; both returned to the expansion zone. In the same month, the composite PMI output index rose by 1.0 percentage point to 50.5, indicating that production and operating activities have returned to expansion.

With companies gradually resuming work and production after the Spring Festival, manufacturing supply and demand improved. In March, the production index and the new orders index were 51.4 and 51.6 respectively, up by 1.8 and 3.0 percentage points from February; both were above the critical level, and there was also a rare development in recent years: the new orders index was higher than the production index. New export orders also rose by 4.1 percentage points to 49.1, but they still remained in the contraction zone.

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