Beijing, March 31, 2024, The Europe Today: The National Bureau of Statistics announced on Sunday that the Purchasing Managers’ Index (PMI) for China’s non-manufacturing sector surged to 53 in March 2024, marking a significant increase from 51.4 recorded in February.
A PMI reading above 50 signifies expansion, while a reading below 50 indicates contraction. The latest data underscores the ongoing momentum in China’s non-manufacturing sectors, reflecting sustained growth in business activities.
The sub-index for the service sector, a key component of the non-manufacturing PMI, registered 52.4 in March, marking a notable improvement from 51 in February. This marks the third consecutive month of growth for the service sector, indicating a steady upward trajectory in service-related activities.
Various segments within the service sector experienced robust expansion in March, particularly in areas related to enterprise production such as mail services, satellite transmission, and finance. Additionally, sectors including wholesale trade, railway transport, and rental services all witnessed positive growth trends.
The construction sector also demonstrated resilience and dynamism, with activity levels surging after the Spring Festival holiday. According to Zhao Qinghe, senior statistician at the National Bureau of Statistics, construction projects across the country accelerated their pace, driving the sub-index for the construction sector to 56.2 in March, up from 53.5 in February. Moreover, the sector’s business expectations soared to 59.2 in March, indicating a strong confidence among construction companies in the industry’s future prospects.
The latest PMI data underscores the robustness of China’s non-manufacturing sectors and their significant contribution to the country’s economic growth trajectory. As business activities continue to gather steam, bolstered by favorable policy measures and improving market conditions, China remains poised for sustained economic expansion.
