Official data released on Friday revealed that China’s factory output rose at a slower pace in March, indicating that expectations for a strong post-COVID economic rebound are fading in the face of weaker global demand and a continuing property market crash.
According to NBS data, the official manufacturing purchasing managers’ index (PMI) was 51.9 in March, down from 52.6 in February but still above the 50-point threshold that distinguishes growth from contraction on a monthly basis.
That was slightly higher than the median estimate of 51.5 from the economists polled by Reuters. February’s increase was the highest monthly rate in almost a decade.
Consumption and infrastructure investment fueled a recovery in the first two months of 2023 in China, and retail sales swung back to growth after the end of COVID-19 curbs.
