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

WealthCoffee · 2026-04-06T04:14:09+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

2026-04-06 04:14:09

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【Caixin】 After the Chinese New Year, companies resumed work and production, and with a rebound in market demand, the manufacturing business sentiment improved in March.

Data released by the National Bureau of Statistics on March 31 showed that the March 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 zone; the month’s composite PMI output index rose by 1.0 percentage point to 50.5, reflecting a renewed expansion of production and operating activities.

As companies gradually resumed work and production after the Chinese New Year, the supply and demand conditions in manufacturing turned more favorable. In March, the production index and 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 threshold, and the new orders index was higher than the production index, a situation rarely seen in recent years. New export orders also increased by 4.1 percentage points to 49.1, but they were still in the contraction zone.

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