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

WealthCoffee · 2026-04-08T04:34:04+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

2026-04-08 04:34:04

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【Caixin Network】 After the Spring Festival, businesses resumed work and production in phases, and with a rebound in market demand, the manufacturing business climate improved in March.

Data released by the National Bureau of Statistics on March 31 showed that 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 zone. In that month, the composite PMI output index rose by 1.0 percentage point to 50.5, indicating that production and business activities returned to expansion.

As companies gradually resumed work and production after the Spring Festival, supply and demand in manufacturing picked up. 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 point, and there was a rare situation in recent years where 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 were still in the contraction zone.

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