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

WealthCoffee · 2026-04-02T04:09:09+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

2026-04-02 04:09:09

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[Caixin]

After the Spring Festival, companies resumed work and production, and with demand in the market picking up, the level of manufacturing business sentiment improved in March.

According to data released by the National Bureau of Statistics on March 31, in March the manufacturing Purchasing Managers’ Index (PMI) and the non-manufacturing business activity index were 50.4 and 50.1, respectively—up by 1.4 and 0.6 percentage points from February. Both returned to the expansion range. In the same month, the composite PMI output index rose by 1.0 percentage point to 50.5, reflecting that production and operating activities have resumed expansion.

As firms gradually restarted work and production after the Spring Festival, manufacturing supply and demand turned favorable. In March, the production index and new orders index were 51.4 and 51.6, respectively—up 1.8 and 3.0 percentage points from February. Both were above the critical point, and the new orders index was higher than the production index, a situation rarely seen in recent years. The new export orders index also rose by 4.1 percentage points to 49.1, but it still remained in the contraction range.

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