Manufacturing activity in China picked up speed in
March, an initial HSBC survey has indicated, adding to hopes of a sustained
recovery in its economy.
The preliminary reading of HSBC's Purchasing
Managers Index (PMI) rose to 51.7, from 50.4 in February.
Numbers for March are seen as a true indicator for
the sector, as the Chinese New Year holidays skew the data in January and
February.
China has been taking measures to boost
manufacturing, a big driver of growth.
The PMI is a key indicator of the activity in the
sector and a reading above 50 shows expansion.
Qu Hongbin, chief economist for China at HSBC said
the rebound in the sector was fuelled by "stronger new orders and
production growth".
"This implies that the Chinese economy is still
on track for gradual growth recovery," he added.
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