March data signals renewed expansion of Chinese business activity
Summary – Services and Composite PMI data
Latest Caixin China Composite PMI™ data (which covers both manufacturing and services) signalled a renewed increase in overall Chinese business activity in March, following a slight reduction in February. The composite index posted above the neutral 50.0 mark at 51.3, up
from 49.4, and the highest reading in 11 months.
March survey data pointed to a modest rebound in overall Chinese business activity, driven by slightly stronger growth of services activity and a renewed expansion of manufacturing output. The stronger performance of the service sector was highlighted by the Caixin China General Services Business Activity Index posting at 52.2, up from 51.2. That said, the reading continued to point to a modest rate of expansion that was slower than the series average. Meanwhile, manufacturing output returned to growth after an 11-month sequence of
stagnant or reduced production, though the rate of growth was only marginal.